Fulcrum Therapeutics (FULC)
Maintains small-molecule gene-regulation capabilities while reviewing strategic alternatives.
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Built a small-molecule platform for genetically defined rare diseases, then shifted into strategic review after discontinuing losmapimod and pociredir. Operations are centered in Cambridge with a single reported segment, a small R&D-heavy workforce, and a capital-preservation posture.
Built around a product engine for modulating gene expression with small molecules, with historical clinical work in FSHD and hemoglobinopathies. Losmapimod for FSHD was discontinued after the REACH study missed its primary endpoint, and pociredir for sickle cell disease was discontinued after FDA feedback left no viable regulatory path.
Current activity is anchored in a comprehensive review of strategic alternatives that may include a merger, acquisition, business combination, or asset transaction. Management also began expense-reduction and capital-preservation efforts, with no set timeline for the review.
Operations are concentrated in Cambridge, Massachusetts, under a single operating segment and a small R&D-heavy team. The business now depends less on an active named program than on residual gene-regulation capabilities, cash runway, and the outcome of the strategic review.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 3, 2026 | JP Morgan | Downgrade | Overweight | Underweight | ||
| Jun 2, 2026 | H.C. Wainwright | Target | $25 | $3 | ||
| Jun 2, 2026 | Jefferies | Target | $4 | |||
| Jun 2, 2026 | Leerink Partners | Downgrade | Outperform | Market Perform | $20 | $4 |
| Jun 2, 2026 | Truist Financial | Target | $17 | $4 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $318.8M · Total debt $5.3M · Total assets $324.0M · Shareholders' equity $310.7M
- Revenue
- $0
- Operating income
- −$19.9M
- Net income
- −$26.2M
No dividends on record.
| Institutions175 holders · as of Mar 31, 2026 · largest filers plus last quarter's tail | ≈ 93.51% | 71.35M shares | |
| Insiders4 holders · as of Jun 30, 2026 | 0.64% | 490.1K shares | |
| Strategic holders4 holders · as of Jul 17, 2026 | 29.08% | 22.18M shares | |
| Adds to | 123.23% |
76.30M company shares as of Sep 3, 2026 · institutions as of Mar 31, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 123.23%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Tang Capital Management, LLCStrategic | 9.06% | 6.91M | 13Gfiled Jul 15, 2026 ↗ |
Suvretta Capital Management, LLCInstitution | 8.60% | 6.56M | 13Fas of Mar 31, 2026 |
Ra Capital Management, L.P.Institution | 7.93% | 6.05M | 13Fas of Mar 31, 2026 |
EcoR1 Capital, LLCStrategic | 7.86% | 6.00M | 13Gfiled Jun 25, 2026 ↗ |
BlackRock, Inc.Institution | 7.07% | 5.39M | 13Fas of Mar 31, 2026 |
| See all 25 → | |||
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 16, 2026 | Kevin Tang | 10 percent owner | +116,671 | $3.56 |
| Jul 17, 2026 | Kevin Tang | 10 percent owner | +50,945 | $3.52 |
| Jul 13, 2026 | Kevin Tang | 10 percent owner | +12,966 | $3.54 |
| Jul 14, 2026 | Kevin Tang | 10 percent owner | +129,603 | $3.57 |
| Jul 15, 2026 | Kevin Tang | 10 percent owner | +107,377 | $3.56 |
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ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fulcrum Therapeutics | $3.89 | +1.17% | $293.7M | — | — | — | — |
| Agios Pharmaceuticals | $34.30 | +0.47% | $2.04B | — | — | 20.7 | +259.3% |
| Disc Medicine | $83.43 | +4.25% | $3.07B | — | — | — | — |
| Beam Therapeutics | $29.30 | −0.03% | $3.01B | — | — | 19.3 | −94.2% |
| CRISPR Therapeutics | $56.01 | −1.56% | $5.49B | — | — | 409.9 | +1,041.4% |
| Editas Medicine | $3.02 | −1.72% | $472.7M | — | — | 10.1 | +232.3% |
| Dyne Therapeutics | $25.07 | −0.28% | $4.69B | — | — | — | — |
| Foghorn Therapeutics | $5.24 | +1.35% | $303.6M | — | — | 8.3 | +113.1% |
| Median | — | — | 19.3 | +232.3% |