Foghorn Therapeutics (NASDAQ:FHTX) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Foghorn Therapeutics (NASDAQ:FHTX) from a buy rating to a hold rating in a research note published on Saturday morning.

FHTX has been the subject of a number of other research reports. BTIG Research assumed coverage on shares of Foghorn Therapeutics in a research note on Thursday, December 18th. They issued a “buy” rating and a $11.00 target price for the company. HC Wainwright restated a “buy” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research report on Tuesday, March 10th. Wedbush reaffirmed an “outperform” rating and set a $10.00 price target on shares of Foghorn Therapeutics in a report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Thursday, January 22nd. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Foghorn Therapeutics in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.13.

Foghorn Therapeutics Stock Performance

FHTX opened at $4.90 on Friday. The firm’s 50-day simple moving average is $5.66 and its 200-day simple moving average is $5.05. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $6.95. The firm has a market cap of $277.10 million, a price-to-earnings ratio of -4.19 and a beta of 3.02.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings results on Wednesday, March 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.04). The company had revenue of $9.25 million for the quarter, compared to analysts’ expectations of $9.50 million. As a group, sell-side analysts anticipate that Foghorn Therapeutics will post -1.55 EPS for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Brummer Multi Strategy AB acquired a new position in Foghorn Therapeutics during the 4th quarter worth $25,000. Russell Investments Group Ltd. increased its stake in shares of Foghorn Therapeutics by 13,755.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after buying an additional 5,502 shares during the period. Evelyn Partners Asset Management Ltd bought a new stake in shares of Foghorn Therapeutics during the second quarter worth $33,000. BNP Paribas Financial Markets raised its position in shares of 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 acquiring an additional 2,305 shares during the last quarter. Finally, Strs Ohio lifted its stake in shares of Foghorn Therapeutics by 120.5% during the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock valued at $46,000 after acquiring an additional 4,700 shares during the period. Institutional investors and hedge funds own 61.55% of the company’s stock.

About Foghorn Therapeutics

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.