Foghorn Therapeutics (NASDAQ:FHTX) Cut to “Hold” at Wall Street Zen

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

FHTX has been the topic of several other reports. Wedbush restated an “outperform” rating and issued a $10.00 price objective on shares of Foghorn Therapeutics in a research report on Thursday, March 12th. BTIG Research started coverage on Foghorn Therapeutics in a research report on Thursday, December 18th. They set a “buy” rating and a $11.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Thursday, January 22nd. HC Wainwright reissued a “buy” rating and issued a $13.00 price target on shares of Foghorn Therapeutics in a report on Tuesday, March 10th. Finally, Stifel Nicolaus assumed coverage on Foghorn Therapeutics in a research note on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Foghorn Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.13.

Foghorn Therapeutics Price Performance

Shares of FHTX stock opened at $4.97 on Friday. Foghorn Therapeutics has a one year low of $2.94 and a one year high of $6.95. The company’s fifty day moving average price is $5.66 and its 200-day moving average price is $5.05. The company has a market capitalization of $291.74 million, a price-to-earnings ratio of -4.25 and a beta of 3.02.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its earnings results on Wednesday, March 11th. The company reported ($0.34) earnings per share 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 the consensus estimate of $9.50 million. Equities research analysts expect that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

Large investors have recently modified their holdings of the stock. Brummer Multi Strategy AB bought a new position in Foghorn Therapeutics during the fourth quarter valued at $25,000. Russell Investments Group Ltd. boosted its stake in shares of Foghorn Therapeutics by 13,755.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock worth $27,000 after purchasing an additional 5,502 shares during the period. Evelyn Partners Asset Management Ltd purchased a new position in shares of Foghorn Therapeutics during the 2nd quarter worth about $33,000. BNP Paribas Financial Markets grew its holdings in Foghorn Therapeutics by 48.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock valued at $35,000 after purchasing an additional 2,305 shares during the last quarter. Finally, Strs Ohio grew its holdings in Foghorn Therapeutics by 120.5% during the 4th quarter. Strs Ohio now owns 8,600 shares of the company’s stock valued at $46,000 after purchasing an additional 4,700 shares during the last quarter. Institutional investors own 61.55% of the company’s stock.

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.