Stifel has reiterated a Buy rating on Fulcrum Therapeutics with an unchanged price target of $25.00 following recent clinical results for the company’s sickle cell disease candidate, pociredir. The firm highlighted efficacy and tolerability signals from the program while noting that the stock is trading markedly below the analyst target.
At the time of the analyst action, Fulcrum’s shares were quoted at $9.32. That price level stands in contrast to Stifel’s $25.00 target and follows a very strong run for the shares over the past year, during which the stock has risen roughly 194%.
Clinical performance was central to Stifel’s update. The firm reported that pociredir achieved a total mean HbF level of 19.3% in patients with sickle cell disease. Stifel said those results surpassed physician expectations for an increase of greater than 10%, noting that most physicians typically look for HbF increases at or above 20% when assessing meaningful clinical benefit.
Beyond the HbF measurement, Stifel indicated the drug produced levels expected to provide disease protection, pointing specifically to vaso-occlusive crisis trends that exceeded 60%. The investment firm characterized pociredir’s safety profile as clean.
Fulcrum intends to move pociredir into registrational studies later this year and has signaled that a regulatory update is expected in the second quarter. These program milestones form the near-term development timeline highlighted by analysts.
On valuation, Stifel drew attention to the company’s enterprise value, which it said is below $500 million - a figure the firm flagged in the context of a late-stage asset in the sickle cell disease market. Separately, available valuation data suggest the shares may be rich at current levels despite the promising clinical readout.
Other recent corporate communications noted by market participants include Fulcrum’s Q4 2025 earnings call, where management emphasized progress with pociredir. That update coincided with a negative market reaction, which market commentators attributed in part to profit-taking rather than a change in fundamental prospects.
Investment firms remain active on the name. Oppenheimer, for example, retained an Outperform rating with a $15.00 price target. That firm described a recent pullback in the stock as driven by profit-taking and not by an alteration in Fulcrum’s underlying outlook.
Taken together, the clinical data and analyst coverage underline continued investor and industry interest in Fulcrum’s development trajectory while leaving open questions about how the market values the company ahead of registrational work and forthcoming regulatory updates.
Summary
Stifel reiterated a Buy rating and $25.00 target on Fulcrum after pociredir produced a 19.3% total mean HbF result and showed a clean safety profile. The stock trades at $9.32 after a roughly 194% gain over the past year. Plans call for registrational studies later this year, with a regulatory update expected in Q2. Valuation signals suggest the shares may be elevated relative to some measures.