Foghorn Therapeutics (NASDAQ:FHTX) Upgraded to Hold at Wall Street Zen

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

A number of other research firms have also commented on FHTX. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price target on shares of Foghorn Therapeutics in a report on Tuesday, March 10th. Wedbush reissued an “outperform” rating and set a $10.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. Jefferies Financial Group reissued a “buy” rating on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Foghorn Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $11.43.

Foghorn Therapeutics Price Performance

Foghorn Therapeutics stock opened at $4.18 on Friday. Foghorn Therapeutics has a one year low of $3.27 and a one year high of $6.95. The business has a fifty day moving average price of $4.46 and a 200-day moving average price of $5.00. The firm has a market capitalization of $245.41 million, a P/E ratio of -3.60 and a beta of 2.89.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The firm had revenue of $3.27 million during the quarter, compared to analysts’ expectations of $7.94 million. Sell-side analysts expect that Foghorn Therapeutics will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Foghorn Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Deutsche Bank AG lifted its stake in Foghorn Therapeutics by 7.3% during the fourth quarter. Deutsche Bank AG now owns 27,421 shares of the company’s stock worth $148,000 after purchasing an additional 1,861 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Foghorn Therapeutics by 48.0% during the third quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock worth $35,000 after purchasing an additional 2,305 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Foghorn Therapeutics by 16.1% in the second quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock worth $88,000 after buying an additional 2,597 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Foghorn Therapeutics by 18.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock worth $84,000 after buying an additional 2,812 shares during the period. Finally, Strs Ohio increased its holdings in shares of Foghorn Therapeutics by 120.5% in the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock worth $46,000 after buying an additional 4,700 shares during the period. Institutional investors own 61.55% of the company’s stock.

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.