Foghorn Therapeutics Inc. (NASDAQ:FHTX) Stock Now Rated “Hold” by Sell-Side Analysts

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been given a consensus recommendation of “Hold” by the eleven research firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $6.14.

FHTX has been the subject of a number of analyst reports. Citizens Jmp cut shares of Foghorn Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 1st. TD Cowen downgraded shares of Foghorn Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, October 1st. Wedbush lowered shares of Foghorn Therapeutics from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $2.00 in a report on Friday, October 2nd. Evercore set a $3.00 price target on shares of Foghorn Therapeutics and gave the company an “in-line” rating in a research report on Tuesday, October 13th. Finally, Guggenheim dropped their price target on shares of Foghorn Therapeutics from $12.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, October 2nd.

Institutional Trading of Foghorn Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Foghorn Therapeutics during the second quarter worth $12,819,000. Renaissance Technologies LLC lifted its position in shares of Foghorn Therapeutics by 36.5% during the first quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock valued at $1,943,000 after purchasing an additional 108,689 shares in the last quarter. Candriam S.C.A. purchased a new position in Foghorn Therapeutics during the first quarter worth about $1,500,000. Squarepoint Ops LLC boosted its holdings in Foghorn Therapeutics by 25.6% during the second quarter. Squarepoint Ops LLC now owns 130,346 shares of the company’s stock worth $636,000 after purchasing an additional 26,603 shares during the last quarter. Finally, SCS Capital Management LLC purchased a new position in Foghorn Therapeutics during the second quarter worth about $522,000. 61.55% of the stock is owned by hedge funds and other institutional investors.

Foghorn Therapeutics Stock Up 2.5%

NASDAQ FHTX opened at $2.05 on Thursday. Foghorn Therapeutics has a 52 week low of $1.79 and a 52 week high of $7.61. The business has a 50 day moving average price of $3.99 and a 200-day moving average price of $4.79. The company has a market cap of $121.73 million, a price-to-earnings ratio of -2.09 and a beta of 3.01.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. On average, equities research analysts anticipate that Foghorn Therapeutics will post -0.86 earnings per share for the current year.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines that target the chromatin regulatory system, which controls how DNA is packaged and how genes are expressed. The company’s research is directed primarily toward cancer therapies, particularly for tumors driven by abnormalities in chromatin-remodeling proteins.

Foghorn uses its proprietary Gene Traffic Control platform to identify and develop small-molecule treatments designed to modulate chromatin-regulating complexes.