HC Wainwright Cuts Foghorn Therapeutics (NASDAQ:FHTX) Price Target to $5.00

Foghorn Therapeutics (NASDAQ:FHTX) had its price target reduced by HC Wainwright from $13.00 to $5.00 in a report issued on Friday, MarketBeat Ratings reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on FHTX. TD Cowen lowered Foghorn Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday. Wall Street Zen upgraded Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. BTIG Research downgraded Foghorn Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Citigroup cut shares of Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a research report on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.67.

Foghorn Therapeutics Stock Performance

Shares of FHTX stock opened at $2.02 on Friday. The stock has a market cap of $119.95 million, a P/E ratio of -2.06 and a beta of 3.01. Foghorn Therapeutics has a 1 year low of $1.79 and a 1 year high of $7.61. The stock has a 50 day simple moving average of $5.11 and a 200 day simple moving average of $4.82.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.14. The company had revenue of $16.07 million for the quarter, compared to the consensus estimate of $6.80 million. Analysts forecast that Foghorn Therapeutics will post -0.85 EPS for the current year.

Institutional Trading of Foghorn Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in Foghorn Therapeutics in the second quarter valued at about $12,819,000. Renaissance Technologies LLC lifted its holdings in shares of Foghorn Therapeutics by 36.5% in the first quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock worth $1,943,000 after acquiring an additional 108,689 shares during the last quarter. Candriam S.C.A. bought a new position in shares of Foghorn Therapeutics in the first quarter worth about $1,500,000. Squarepoint Ops LLC boosted its stake in shares of Foghorn Therapeutics by 25.6% in 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 in the last quarter. Finally, SCS Capital Management LLC acquired a new stake in shares of Foghorn Therapeutics in the 2nd quarter valued at approximately $522,000. 61.55% of the stock is currently owned by institutional investors.

Trending Headlines about Foghorn Therapeutics

Here are the key news stories impacting Foghorn Therapeutics this week:

• Positive Sentiment: Foghorn plans to prioritize its wholly owned pipeline, including selective EP300 and CBP degraders, an oral immunology and inflammation program, and an induced-proximity platform. Management expects the restructuring and approximately 40% workforce reduction to extend its cash runway into the second half of 2029. Foghorn Therapeutics Provides Update on FHD-909 and Strategic Priorities
• Positive Sentiment: HC Wainwright lowered its price target to $5 from $13 but retained a “buy” rating, implying substantial potential upside from recent trading levels. HC Wainwright Price Target Update
• Neutral Sentiment: Foghorn and Lilly decided not to advance FHD-909, also known as LY4050784, into clinical expansion after reviewing Phase 1 dose-escalation data. The companies also will not advance the selective SMARCA2 degrader program, leaving Foghorn to focus on programs it owns outright. Foghorn Therapeutics Halts FHD-909 Development
• Negative Sentiment: The termination eliminates Lilly’s ongoing collaboration and removes a major externally validated development program from Foghorn’s pipeline. Foghorn will cut about 40% of its workforce as part of the strategic reset. Foghorn to Slash 40% of Jobs as Lilly Cancer Partnership Falls Apart
• Negative Sentiment: Analysts became more cautious: TD Cowen downgraded the stock following Lilly’s exit, BTIG moved FHTX from “buy” to “neutral,” and Stifel reduced its price target to $5. These revisions reflect heightened uncertainty around Foghorn’s clinical pipeline and future catalysts. Foghorn Downgraded as TD Cowen Reacts to Lilly Exit

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.