Fulcrum Therapeutics, Inc. (NASDAQ:FULC) Short Interest Down 6.4% in October

Fulcrum Therapeutics, Inc. (NASDAQ:FULC) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 5,520,000 shares, a drop of 6.4% from the September 30th total of 5,900,000 shares. Based on an average daily volume of 1,650,000 shares, the short-interest ratio is presently 3.3 days.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Stifel Nicolaus downgraded shares of Fulcrum Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the company from $22.00 to $3.00 in a research report on Thursday, September 12th. Leerink Partners restated a “market perform” rating and issued a $4.00 price objective on shares of Fulcrum Therapeutics in a report on Thursday, September 12th. Royal Bank of Canada cut Fulcrum Therapeutics from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $15.00 to $4.00 in a research report on Thursday, September 12th. Cantor Fitzgerald lowered Fulcrum Therapeutics from an “overweight” rating to a “neutral” rating in a research report on Thursday, September 12th. Finally, Bank of America downgraded Fulcrum Therapeutics from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $10.00 to $2.00 in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.33.

Institutional Trading of Fulcrum Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI increased its position in Fulcrum Therapeutics by 869.6% during the 2nd quarter. National Bank of Canada FI now owns 4,460 shares of the company’s stock worth $28,000 after buying an additional 4,000 shares during the period. Profund Advisors LLC bought a new position in Fulcrum Therapeutics during the second quarter worth about $68,000. China Universal Asset Management Co. Ltd. raised its stake in Fulcrum Therapeutics by 64.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 12,002 shares of the company’s stock worth $43,000 after purchasing an additional 4,701 shares in the last quarter. SG Americas Securities LLC bought a new stake in Fulcrum Therapeutics in the 1st quarter valued at about $115,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Fulcrum Therapeutics during the 2nd quarter worth approximately $82,000. 89.83% of the stock is owned by institutional investors and hedge funds.

Fulcrum Therapeutics Price Performance

NASDAQ:FULC opened at $3.21 on Friday. The company has a market cap of $200.31 million, a P/E ratio of -9.17 and a beta of 2.21. The firm’s fifty day moving average price is $4.81 and its two-hundred day moving average price is $6.74. Fulcrum Therapeutics has a one year low of $2.87 and a one year high of $13.70.

Fulcrum Therapeutics (NASDAQ:FULC) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.93. The company had revenue of $80.00 million during the quarter, compared to the consensus estimate of $80.00 million. During the same period in the prior year, the company earned ($0.38) earnings per share. As a group, equities research analysts expect that Fulcrum Therapeutics will post -0.28 earnings per share for the current year.

About Fulcrum Therapeutics

Fulcrum Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing products for improving the lives of patients with genetically defined diseases in the areas of high unmet medical need in the United States. Its product candidates are losmapimod, a small molecule for the treatment of facioscapulohumeral muscular dystrophy is under phase III clinical trial; and pociredir, a fetal hemoglobin inducer for the treatment of sickle cell disease and beta-thalassemia is under phase I clinical trial.