Fulcrum Therapeutics price target lowered to $20 from $26 at Oppenheimer

Oppenheimer lowered the firm’s price target on Fulcrum Therapeutics to $20 from $26 and keeps an Outperform rating on the shares following FTX-6058’s clinical hold. The firm thinks the most likely explanation is that the agency didn’t like something it saw in the last IND update. It may have been something as simple as an abnormal blood count, but as the Oppenheimer’s expert emphasized, right now the agency is hypersensitive to even the slightest abnormality in sickle cell disease. With that in mind, the firm thinks Friday’s selloff may be overdone, but is lowering its target based on added regulatory risk and development timelines.