Fulcrum Therapeutics (FULC) Plunges 5.48% as Upsized $175M Discount Offering Signals Strains

Fulcrum Therapeutics (FULC) fell 5.48% in pre-market trading on Dec. 11, 2025, signaling investor concern ahead of key developments

The biopharma firm announced an upsized $175 million public offering priced at $13.50 per share, below its previous close of $14.60. This expansion from an initial $150 million target reflects strategic capital-raising efforts led by JPMorgan, Leerink, and Cantor Fitzgerald. The move underscores the company's need for liquidity amid ongoing financial challenges, including negative earnings per share (-$1.18) and zero operating margins

While the offering highlights operational flexibility, the discounted pricing suggests waning market confidence. Analysts note the stock's speculative profile, with a price-to-sales ratio near historical highs at 11.32. Technical indicators show an RSI approaching overbought levels (72.77), yet institutional ownership remains robust at 99.43%. Insider selling activity in recent months further clouds sentiment, even as the company maintains a strong balance sheet with a 17.7 current ratio

With key programs targeting FSHD and sickle cell disease in clinical stages, Fulcrum faces dual pressures: sustaining R&D momentum while addressing near-term liquidity needs. The expanded offering aims to bolster its position in rare disease therapeutics but may face scrutiny over valuation sustainability given its unprofitable status and sector-specific regulatory risks