Fulcrum Therapeutics initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Fulcrum Therapeutics with a Neutral rating and $5 price target. Based on an assessment of losmapimod’s existing data and market opportunity in facioscapulohumeral muscular dystrophy, the analyst sees a clear path for the company to obtain unadjusted peak sales of $1.1B in the indication. However, in the absence of patent protection, the durability of these revenues will be limited at seven years based on orphan drug exclusivity, the analyst tells investors in a research note.