Foghorn Therapeutics (NASDAQ:FHTX) Stock Price Down 0.6% – Should You Sell?

Foghorn Therapeutics Inc. (NASDAQ:FHTX) shares dropped 0.6% on Wednesday . The company traded as low as $5.11 and last traded at $5.42. Approximately 130,711 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 177,690 shares. The stock had previously closed at $5.45.

Analyst Upgrades and Downgrades

FHTX has been the topic of a number of research reports. Wall Street Zen raised Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. BTIG Research began coverage on shares of Foghorn Therapeutics in a research report on Thursday, December 18th. They issued a “buy” rating and a $11.00 price target on the stock. Guggenheim assumed coverage on shares of Foghorn Therapeutics in a report on Friday, November 7th. They issued a “buy” rating and a $12.00 price target for the company. Stifel Nicolaus started coverage on shares of Foghorn Therapeutics in a research note on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $10.75.

Foghorn Therapeutics Trading Down 0.6%

The stock has a market capitalization of $306.51 million, a PE ratio of -4.80 and a beta of 3.02. The firm’s 50-day simple moving average is $5.38 and its two-hundred day simple moving average is $4.99.

Institutional Trading of Foghorn Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of FHTX. Deutsche Bank AG raised its holdings in shares of Foghorn Therapeutics by 7.3% during the 4th quarter. Deutsche Bank AG now owns 27,421 shares of the company’s stock valued at $148,000 after purchasing an additional 1,861 shares in the last quarter. BNP Paribas Financial Markets increased its position in Foghorn Therapeutics by 48.0% during the third quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock worth $35,000 after buying an additional 2,305 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Foghorn Therapeutics by 16.1% during the second quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock valued at $88,000 after buying an additional 2,597 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Foghorn Therapeutics by 18.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock valued at $84,000 after buying an additional 2,812 shares in the last quarter. Finally, Strs Ohio lifted its position in shares of Foghorn Therapeutics by 120.5% in the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock worth $46,000 after buying an additional 4,700 shares during the last quarter. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of novel epigenetic therapies for cancer. The company leverages its proprietary Targeted Protein Discovery Platform to identify and design small-molecule inhibitors that modulate chromatin regulatory proteins involved in tumor growth and survival. By targeting the mechanisms that control gene expression, Foghorn seeks to address unmet needs in oncology through precision medicine.

The company’s lead candidate, FHD-286, is a selective inhibitor of variant SWI/SNF chromatin remodeling complexes and is currently being evaluated in Phase 1 clinical trials for patients with solid tumors harboring specific SMARCA2 and SMARCA4 alterations.