Foghorn Therapeutics (NASDAQ:FHTX) Stock Rating Upgraded by 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 note issued to investors on Saturday.

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

Foghorn Therapeutics Stock Performance

NASDAQ:FHTX opened at $5.30 on Friday. The firm has a market cap of $311.16 million, a price-to-earnings ratio of -4.57 and a beta of 2.86. Foghorn Therapeutics has a 52 week low of $3.27 and a 52 week high of $6.95. The firm has a 50-day moving average price of $4.30 and a two-hundred day moving average price of $4.99.

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

Institutional Investors Weigh In On Foghorn Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Deutsche Bank AG boosted its position 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 period. BNP Paribas Financial Markets raised its position 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 valued at $35,000 after purchasing an additional 2,305 shares during the period. JPMorgan Chase & Co. raised its position 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 valued at $88,000 after purchasing an additional 2,597 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Foghorn Therapeutics by 18.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock valued at $84,000 after buying an additional 2,812 shares in the last quarter. Finally, Strs Ohio lifted its stake in shares of Foghorn Therapeutics by 120.5% during the 4th quarter. Strs Ohio now owns 8,600 shares of the company’s stock valued at $46,000 after buying an additional 4,700 shares in 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.