Today, investors in Fulcrum Therapeutics (NASDAQ:FULC) are seeing explosive gains. Indeed, shares of this clinical stage biopharma company have skyrocketed. Currently, shares of FULC stock are up around 140% at the time of writing on extremely heavy volume.
Today’s move brings FULC stock to a new 52-week high and puts this company within spitting distance of its all-time high. Accordingly, investors seem to have bought into the value this company provides in a big way today.
Fulcrum Therapeutics aims to target “genetically defined rare diseases in areas of high unmet medical need.” Among the company’s key differentiators is Fulcrum’s proprietary FulcrumSeek technology, which “identifies drug targets which can modulate gene expression to treat the known root cause of gene mis-expression.” This technology has been used to target potential treatments for facioscapulohumeral muscular dystrophy (FSHD) and sickle cell disease.
Today, Fulcrum announced some positive results for its sickle cell treatment trial. Accordingly, let’s dive into what was announced and why investors are diving into this stock today.
FULC Stock Shoots Higher On Positive Clinical Trial Results
In combination with Fulcrum’s Q2 earnings release, the clinical-stage biopharma company reported some important business updates. These updates relating to the company’s clinical trial for its FTX-6058 drug targeting sickle cell disease is what’s generating most of the attention.
The company reported “proof of mechanism and proof of biology” with this update. Accordingly, this is big news for investors unsure as to the efficacy of Fulcrum’s underlying proprietary process. The company’s FTX-6058 drug reported increases in a critical oxygen-transporting protein found in the bloodstream of patients.
The science behind what Fulcrum does is difficult to understand. However, the company’s CEO believes Fulcrum’s FTX-6058 treatment could be a best-in-class solution for those with select hemoglobinopathies.
Positive safety and efficacy results suggest Fulcrum’s sickle cell drug could be a game changer. Indeed, investors seem to be buying into this thesis today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.