Fulcrum upgraded to Buy at Stifel after FDA lifts clinical hold on FTX-6058

Stifel upgraded Fulcrum Therapeutics to Buy from Hold with a price target of $11, up from $4, after the FDA lifted a clinical hold on FTX-6058 in sickle cell disease, or SCD. This was a key value-driver for the stock and thus its clinical hold was “a major setback for investors,” says the analyst, who notes that modified Phase 1b protocol inclusion criteria now focuses on a more severe SCD population and that Fulcrum plans to enroll 10 patients each in the 12 and 20 mg cohorts of the study. Today’s announcement “marks an important “win” for the new management team instilling some confidence that they can help right the ship that has undergone a series of mishaps/adversities,” the analyst tells investors.