Fulcrum Therapeutics downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein downgraded Fulcrum Therapeutics to Neutral from Buy with a price target of $4, down from $17. The company’s Phase 3 REACH study of losmapimod being developed for facioscapulohumeral muscular dystrophy failed to show an improvement across its primary endpoint of reachable workspace, the analyst tells investors in a research note. The firm says that while the Fulcrum cash position of $273.8M “leaves the door open for business development,” the stock will continue to trade closer to cash until further clarity on the pipeline is garnered.