BofA Securities has upgraded Fulcrum Therapeutics FULC ahead of the company’s phase 3 losmapimod readout, expected by the end of October for Facioscapulohumeral muscular dystrophy (FSHD).

美国银行证券（BofA Securities）在该公司第三阶段losmapimod读数之前升级了Fulcrum Therapeutics FULC，该读数预计将于10月底用于面肩肱型肌营养不良症（FSHD）。

FSHD is a rare genetic muscle disease affecting a child’s facial muscles, shoulders, upper arms, and lower legs. These muscles weaken and shrink (atrophy).

FSHD是一种罕见的遗传性肌肉疾病，影响儿童的面部肌肉，肩膀，上臂和小腿。这些肌肉变弱和萎缩。

The analyst notes that although a previous pivotal study failed using the DUX4 expression endpoint, the company conducted a post-hoc analysis and designed a new study with the endpoint “reachable workspace” (RWS), which has sparked debate in the investment community.

这位分析师指出，尽管之前的一项关键研究未能使用DUX4表达端点，但该公司进行了事后分析，并设计了一项新的研究，该端点为“可达工作区”（RWS），这引发了投资界的争论。

Two key opinion leaders (KOLs) expressed optimism about the upcoming phase 3 results, citing the functional benefits seen in phase 2 using RWS, which measures upper extremity function. Despite being a newer endpoint, the KOLs believe RWS accurately tracks disease progression.

两位关键意见领袖（KOL）对即将到来的第三阶段结果表示乐观，并引用了使用RWS（测量上肢功能）在第二阶段看到的功能益处。尽管是一个较新的终点，KOLs认为RWS可以准确追踪疾病进展。

They view the stabilization of RWS in phase 3 as clinically meaningful and believe replicating the phase 2 results—showing a 10% placebo-adjusted change at 48 weeks—would be a success.

他们认为RWS在第3阶段的稳定具有临床意义，并认为复制第2阶段的结果显示48周时安慰剂调整后的变化为10%将是成功的。

However, the analyst remains uncertain about the study’s likelihood of success due to the unpredictability of the control arm’s response.

。

BofA upgraded the stock from Underperform to Neutral and increased the price target from $5 to $10, as the analyst increased the likelihood of success (LOS) from 35% to 50%

美国银行将股票从表现不佳升级为中性，并将价格目标从5美元提高到10美元，因为分析师将成功可能性（LOS）从35%提高到50%

“We await the ph 3 readout before further de-risking the program and note we continue to view the pociredir story in sickle cell disease (SCD) as a stock overhang,” the analyst adds.

这位分析师补充道：“在进一步降低该计划的风险之前，我们正在等待ph值3的读数，并注意到我们继续将镰状细胞病（SCD）中的pociredir故事视为股票过剩。”。

BofA notes that losmapimod is expected to be the first treatment for FSHD, but it may face future competition from Avidity Biosciences Inc RNA and Roche Holdings AG RHHBY, which are further behind in development.

美国银行指出，losmapimod有望成为FSHD的第一种治疗方法，但未来可能会面临来自Avidity Biosciences Inc RNA和Roche Holdings AG RHHBY的竞争，而这两个公司的发展则进一步落后。

Price Action: FULC stock is up 1.30% at $8.651 at last check Monday.

价格走势：周一最后一次检查时，富乐股价上涨1.30%，至8.651美元。

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