Foghorn Therapeutics (NASDAQ:FHTX) Stock Moved Down to Hold by Evercore

Evercore downgraded shares of Foghorn Therapeutics (NASDAQ:FHTX) from a strong-buy rating to a hold rating in a report published on Tuesday, Marketbeat.com reports. The firm currently has $3.00 price target on the stock.

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus set a $5.00 price target on shares of Foghorn Therapeutics in a research report on Thursday, October 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Friday, July 17th. Citigroup lowered shares of Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Thursday, October 1st. Wall Street Zen raised shares of Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, BTIG Research cut shares of Foghorn Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday, October 1st. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.14.

Foghorn Therapeutics Stock Down 5.1%

Shares of FHTX stock opened at $1.85 on Tuesday. Foghorn Therapeutics has a twelve month low of $1.79 and a twelve month high of $7.61. The stock’s fifty day simple moving average is $4.71 and its 200 day simple moving average is $4.67. The firm has a market capitalization of $109.85 million, a P/E ratio of -1.89 and a beta of 3.01.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.14. The firm had revenue of $16.07 million during the quarter, compared to the consensus estimate of $6.80 million. As a group, equities research analysts expect that Foghorn Therapeutics will post -0.86 EPS for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC increased its position in Foghorn Therapeutics by 25.6% during the 2nd quarter. Squarepoint Ops LLC now owns 130,346 shares of the company’s stock valued at $636,000 after purchasing an additional 26,603 shares during the period. Bank of America Corp DE acquired a new position in shares of Foghorn Therapeutics in the 2nd quarter worth approximately $127,000. Canada Pension Plan Investment Board acquired a new position in shares of Foghorn Therapeutics in the 2nd quarter worth approximately $122,000. BlackRock Inc. bought a new stake in shares of Foghorn Therapeutics in the 2nd quarter valued at $12,819,000. Finally, Deutsche Bank AG bought a new stake in shares of Foghorn Therapeutics in the 2nd quarter valued at $178,000. 61.55% of the stock is currently owned by institutional investors.

About Foghorn Therapeutics

Foghorn Therapeutics Inc is a clinical-stage biotechnology company focused on developing medicines that target the chromatin regulatory system, which helps control how genes are expressed. The company’s research is aimed primarily at cancer and other diseases in which abnormalities in gene regulation contribute to disease progression.

Foghorn uses its proprietary Gene Traffic Control platform to study interactions among chromatin-regulating proteins and identify potential drug targets.