Foghorn Therapeutics (NASDAQ:FHTX) Rating Lowered to “Sell” at Wall Street Zen

Foghorn Therapeutics (NASDAQ:FHTX) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

FHTX has been the subject of several other research reports. Wedbush reissued an “outperform” rating and issued a $10.00 target price 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Tuesday, April 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $13.00 target price on shares of Foghorn Therapeutics in a research note on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $11.43.

Foghorn Therapeutics Trading Down 0.3%

Shares of FHTX stock opened at $3.73 on Friday. The firm has a 50-day moving average price of $4.54 and a 200 day moving average price of $5.03. Foghorn Therapeutics has a twelve month low of $3.27 and a twelve month high of $6.95. The company has a market capitalization of $218.99 million, a price-to-earnings ratio of -3.22 and a beta of 2.89.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its earnings results on Thursday, May 7th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The company had revenue of $3.27 million for the quarter, compared to analysts’ expectations of $7.94 million. As a group, research analysts predict that Foghorn Therapeutics will post -0.98 earnings per share for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Brummer Multi Strategy AB purchased a new position in Foghorn Therapeutics in the 4th quarter worth approximately $25,000. Russell Investments Group Ltd. boosted its holdings in Foghorn Therapeutics by 13,755.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock worth $27,000 after acquiring an additional 5,502 shares during the period. BNP Paribas Financial Markets boosted its holdings in Foghorn Therapeutics by 48.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock worth $35,000 after acquiring an additional 2,305 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Foghorn Therapeutics by 136.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock worth $43,000 after acquiring an additional 5,323 shares during the period. Finally, Strs Ohio boosted its holdings in Foghorn Therapeutics by 120.5% in the 4th quarter. Strs Ohio now owns 8,600 shares of the company’s stock worth $46,000 after acquiring an additional 4,700 shares during the period. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Company Profile

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.