Foghorn Therapeutics (NASDAQ:FHTX) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Foghorn Therapeutics (NASDAQ:FHTX) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.43.

Foghorn Therapeutics Price Performance

Shares of NASDAQ:FHTX opened at $6.07 on Friday. The firm has a market capitalization of $356.37 million, a PE ratio of -6.19 and a beta of 2.89. Foghorn Therapeutics has a 1 year low of $3.27 and a 1 year high of $6.95. The firm’s 50-day moving average is $4.73 and its two-hundred day moving average is $4.97.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.14. The business had revenue of $16.10 million during the quarter, compared to analysts’ expectations of $6.80 million. Analysts expect that Foghorn Therapeutics will post -0.94 EPS for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Large investors have recently made changes to their positions in the company. AQR Capital Management LLC acquired a new stake in Foghorn Therapeutics in the first quarter valued at approximately $68,000. Geode Capital Management LLC increased its position in shares of Foghorn Therapeutics by 16.9% in the 2nd quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock valued at $3,797,000 after purchasing an additional 116,979 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Foghorn Therapeutics by 16.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock valued at $88,000 after purchasing an additional 2,597 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Foghorn Therapeutics by 21.9% in the 2nd quarter. Rhumbline Advisers now owns 44,165 shares of the company’s stock valued at $208,000 after purchasing an additional 7,920 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Foghorn Therapeutics by 18.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock worth $84,000 after purchasing an additional 2,812 shares during the last quarter. 61.55% of the stock is currently owned by hedge funds and other 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.