Foghorn Therapeutics (NASDAQ:FHTX) Cut to Sell at Wall Street Zen

Foghorn Therapeutics (NASDAQ:FHTX) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Sunday.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Foghorn Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $11.43.

Foghorn Therapeutics Trading Down 1.0%

FHTX stock traded down $0.06 on Friday, hitting $5.95. The company had a trading volume of 293,937 shares, compared to its average volume of 356,242. Foghorn Therapeutics has a 12-month low of $3.27 and a 12-month high of $6.95. The stock has a market cap of $349.32 million, a price-to-earnings ratio of -5.13 and a beta of 2.86. The stock’s 50-day simple moving average is $4.37 and its 200 day simple moving average is $5.03.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its earnings results on Thursday, May 7th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The business had revenue of $3.27 million for the quarter, compared to analyst estimates of $7.94 million. Research analysts forecast that Foghorn Therapeutics will post -0.98 earnings per share for the current year.

Institutional Trading of Foghorn Therapeutics

Large investors have recently added to or reduced their stakes in the business. Candriam S.C.A. purchased a new stake in Foghorn Therapeutics in the first quarter worth about $1,500,000. Renaissance Technologies LLC grew its stake in shares of Foghorn Therapeutics by 151.8% during the 4th quarter. Renaissance Technologies LLC now owns 297,736 shares of the company’s stock valued at $1,608,000 after acquiring an additional 179,500 shares during the period. Millennium Management LLC grew its stake in shares of Foghorn Therapeutics by 861.6% during the 3rd quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock valued at $874,000 after acquiring an additional 160,197 shares during the period. Raymond James Financial Inc. increased its holdings in Foghorn Therapeutics by 6.7% in the 2nd quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock worth $11,126,000 after acquiring an additional 148,940 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Foghorn Therapeutics by 16.9% during the 2nd quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after acquiring an additional 116,979 shares during the period. 61.55% of the stock is currently owned by institutional investors.

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.