Fulcrum Therapeutics, Inc. $FULC Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 1.04 million Fulcrum Therapeutics shares worth approximately $3.8 million, giving it a 1.37% stake. Institutional investors collectively own 89.83% of the company.
• Fulcrum’s shares opened at $3.70, near the lower end of their 52-week range of $2.83 to $15.74. The company reported a quarterly loss of $0.34 per share, missing analyst expectations of a $0.24 loss.
• Analyst sentiment has weakened, with multiple firms downgrading the stock; Fulcrum has an overall “Reduce” consensus rating, based on one Buy, seven Hold, and four Sell ratings.

Bank of America Corp DE bought a new position in shares of Fulcrum Therapeutics, Inc. (NASDAQ:FULC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,043,029 shares of the company's stock, valued at approximately $3,817,000. Bank of America Corp DE owned 1.37% of Fulcrum Therapeutics at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Fulcrum Therapeutics in the second quarter valued at $32,297,000. Catalio Capital Management LP purchased a new stake in shares of Fulcrum Therapeutics in the 4th quarter worth about $2,277,000. Siren L.L.C. boosted its position in shares of Fulcrum Therapeutics by 20.5% in the 1st quarter. Siren L.L.C. now owns 2,350,000 shares of the company's stock worth $18,024,000 after buying an additional 400,000 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Fulcrum Therapeutics in the 2nd quarter valued at about $566,000. Finally, GSA Capital Partners LLP acquired a new stake in Fulcrum Therapeutics in the 2nd quarter valued at about $527,000. 89.83% of the stock is owned by hedge funds and other institutional investors.

Fulcrum Therapeutics Stock Performance

Shares of NASDAQ:FULC opened at $3.70 on Wednesday. The stock has a market capitalization of $282.31 million, a price-to-earnings ratio of -3.06 and a beta of 2.59. Fulcrum Therapeutics, Inc. has a 1-year low of $2.83 and a 1-year high of $15.74. The company's fifty day moving average is $3.79 and its two-hundred day moving average is $5.10.

Fulcrum Therapeutics (NASDAQ:FULC - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.10). Sell-side analysts expect that Fulcrum Therapeutics, Inc. will post -0.6 EPS for the current fiscal year.

Analysts Set New Price Targets

FULC has been the topic of several recent research reports. Piper Sandler downgraded shares of Fulcrum Therapeutics from an "overweight" rating to a "neutral" rating and set a $3.00 price target on the stock. in a report on Tuesday, June 2nd. Cantor Fitzgerald downgraded Fulcrum Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 2nd. Citigroup lowered Fulcrum Therapeutics from an "underperform" rating to an "underweight" rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. cut Fulcrum Therapeutics from an "overweight" rating to an "underweight" rating in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group set a $4.00 price target on Fulcrum Therapeutics in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $8.20.

Fulcrum Therapeutics Company Profile

Fulcrum Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for genetically driven diseases that affect skeletal muscle and other tissues. The company uses its FulcrumSeek drug-discovery platform to identify molecular targets and potential therapies for conditions in which the underlying biology is well characterized but treatment options remain limited.

Fulcrum's lead product candidate is losmapimod, an investigational oral therapy being developed for facioscapulohumeral muscular dystrophy (FSHD), a rare inherited muscle-wasting disorder.

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