Fulcrum Therapeutics' Q2 results disappoint, but H.C. Wainwright upgrades to Buy.

Fulcrum Therapeutics (NASDAQ:FULC) shares fell ~10% after releasing data from a late-stage study of its lead candidate, Pociredir, in sickle cell disease, along with Q2 results. H.C. Wainwright upgraded Fulcrum from Neutral to Buy, raising its price target.

Fulcrum Therapeutics (NASDAQ: FULC) reported mixed financial results and trial data for its lead candidate, pociredir, in sickle cell disease (SCD), leading to a decline in its stock price. The company announced that its shares fell by approximately 10% following the release of data from the late-stage PIONEER trial and its second-quarter financial results [1].

The trial data showed robust and rapid pan-cellular increases in fetal hemoglobin (HbF) and meaningful improvements in key markers of hemolysis and anemia. However, the company noted that shares fell due to the market's interpretation of the data, which was not as positive as expected. Fulcrum Therapeutics stated that the trial results demonstrated the potential of pociredir to increase HbF to levels that could ameliorate SCD symptomology and transform the standard of care with a once-daily oral treatment option [1].

Financial Highlights
The company reported a cash position of $214.1 million as of June 30, 2025, down from $241.0 million as of December 31, 2024. The decrease was primarily due to cash used to fund operating activities in 2025. Research and development expenses were $13.0 million for the three months ended June 30, 2025, down from $17.3 million for the same period in 2024. General and administrative expenses were $6.8 million for the three months ended June 30, 2025, down from $10.2 million for the same period in 2024. The net loss for the three months ended June 30, 2025, was $17.3 million, compared to net income of $55.4 million for the same period in 2024 [1].

Analyst Upgrade
Despite the mixed reception of the trial data, H.C. Wainwright upgraded Fulcrum Therapeutics from Neutral to Buy, raising its price target. The analyst firm cited the potential of pociredir to treat SCD as a significant positive for the company [1].

Forward-Looking Statements
Fulcrum Therapeutics emphasized that the forward-looking statements included in the press release represent its views as of the date hereof and should not be relied upon as representing its views as of any date subsequent to the date hereof. The company also noted that subsequent events and developments may cause its views to change. Fulcrum anticipates that it will update these forward-looking statements at some point in the future but specifically disclaims any obligation to do so [1].

References:
[1] https://ir.fulcrumtx.com/news-releases/news-release-details/fulcrum-therapeutics-announces-recent-business-highlights-and-10