Oct. 1 at 2:41 PM
Oppenheimer reiterated
$FULC at an Outperform rating and a
$15 price target:
$XBI $AGIO $NVS $VRTX
Oppenheimer said: We've been getting questions on how updated pociredir data later this year will impact FULC shares.
For us, the readout is more "icing on the cake," rather than major binary because we already thought pociredir looked like a drug at the lower 12 mg dose.
Absent any idiosyncratic toxicity or material weakening of efficacy, shares should continue to grind higher. However, given Fulcrum's recent run (shares are up 80% YTD vs. the XBI ahead 9%), it's fair to assume that the buyside's internal bar may be higher than our own. Based on our field work, that bar appears to be a 10% or higher HbF improvement. We believe that's achievable based on prior healthy volunteer data.
