Zacks Investment Research Downgrades Foghorn Therapeutics (NASDAQ:FHTX) to Sell

Foghorn Therapeutics (NASDAQ:FHTXGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Foghorn Therapeutics Inc. engages in the discovery and development of medicines targeting genetically determined dependencies within the chromatin regulatory system. Foghorn Therapeutics Inc. is based in CAMBRIDGE, Mass. “

A number of other analysts have also recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $32.00 price target on shares of Foghorn Therapeutics in a research report on Thursday, March 17th. The Goldman Sachs Group decreased their price target on shares of Foghorn Therapeutics from $30.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday. HC Wainwright decreased their price target on shares of Foghorn Therapeutics from $25.00 to $18.00 and set a “buy” rating for the company in a research report on Friday. Finally, Morgan Stanley cut their price objective on shares of Foghorn Therapeutics from $26.00 to $25.00 and set an “overweight” rating on the stock in a report on Monday. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $21.60.

Shares of NASDAQ FHTX traded up $0.03 during trading on Tuesday, hitting $11.87. 139,180 shares of the company traded hands, compared to its average volume of 164,202. The company has a 50-day moving average price of $13.23 and a 200-day moving average price of $14.00. Foghorn Therapeutics has a 1 year low of $8.01 and a 1 year high of $24.34. The firm has a market capitalization of $492.23 million, a P/E ratio of -4.30 and a beta of 3.13.

Foghorn Therapeutics (NASDAQ:FHTXGet Rating) last announced its quarterly earnings results on Thursday, March 10th. The company reported ($0.77) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.74) by ($0.03). Foghorn Therapeutics had a negative return on equity of 118.78% and a negative net margin of 2,124.94%. The business had revenue of $0.71 million for the quarter, compared to analysts’ expectations of $0.33 million. On average, research analysts predict that Foghorn Therapeutics will post -2.11 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of FHTX. Morgan Stanley lifted its holdings in Foghorn Therapeutics by 149.0% in the 2nd quarter. Morgan Stanley now owns 980,209 shares of the company’s stock worth $10,460,000 after buying an additional 586,487 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Foghorn Therapeutics in the 4th quarter valued at about $8,770,000. Deerfield Management Company L.P. Series C acquired a new stake in shares of Foghorn Therapeutics in the 1st quarter valued at about $3,638,000. Kingdon Capital Management L.L.C. acquired a new stake in shares of Foghorn Therapeutics in the 3rd quarter valued at about $2,866,000. Finally, EAM Global Investors LLC acquired a new stake in shares of Foghorn Therapeutics in the 4th quarter valued at about $2,361,000. Hedge funds and other institutional investors own 66.92% of the company’s stock.

About Foghorn Therapeutics (Get Rating)

Foghorn Therapeutics Inc, a clinical-stage biopharmaceutical company, discovers and develops medicines targeting genetically determined dependencies within the chromatin regulatory system. The company uses its proprietary Gene Traffic Control platform to identify, validate, and potentially drug targets within the system.

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