Foghorn Therapeutics (NASDAQ:FHTX) Cut to Sell at Wall Street Zen

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

Several other analysts also recently weighed in on FHTX. Jefferies Financial Group reissued a “buy” rating on shares of Foghorn Therapeutics in a research report on Thursday, March 12th. 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Tuesday, April 21st. Finally, Wedbush reissued an “outperform” rating and set a $10.00 price objective on shares of Foghorn Therapeutics in a report on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.43.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX opened at $4.15 on Monday. Foghorn Therapeutics has a fifty-two week low of $3.27 and a fifty-two week high of $6.95. The company has a market cap of $243.65 million, a PE ratio of -3.58 and a beta of 2.89. The business has a 50-day simple moving average of $4.38 and a two-hundred day simple moving average of $4.98.

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

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors have recently bought and sold shares of the business. Deutsche Bank AG boosted its holdings in shares of Foghorn Therapeutics by 7.3% in the 4th quarter. Deutsche Bank AG now owns 27,421 shares of the company’s stock valued at $148,000 after acquiring an additional 1,861 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Foghorn Therapeutics by 48.0% in the third 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. JPMorgan Chase & Co. increased its stake 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 acquiring an additional 2,597 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Foghorn Therapeutics by 18.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock worth $84,000 after purchasing an additional 2,812 shares during the last quarter. Finally, Strs Ohio raised its holdings in shares of Foghorn Therapeutics by 120.5% during the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock worth $46,000 after purchasing an additional 4,700 shares during the last quarter. 61.55% of the stock is owned by hedge funds and other institutional investors.

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.