Foghorn Therapeutics (NASDAQ:FHTX) Stock Rating Lowered by Wall Street Zen

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

FHTX has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Wednesday, October 8th. B. Riley assumed coverage on Foghorn Therapeutics in a research report on Wednesday, September 17th. They set a “buy” rating and a $10.00 price objective on the stock. Stifel Nicolaus assumed coverage on Foghorn Therapeutics in a research report on Wednesday. They issued a “buy” rating and a $12.00 target price for the company. Wedbush reissued an “outperform” rating and set a $10.00 price target on shares of Foghorn Therapeutics in a research note on Thursday, November 6th. Finally, Guggenheim assumed coverage on Foghorn Therapeutics in a research note on Friday, November 7th. They issued a “buy” rating and a $12.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $11.13.

Foghorn Therapeutics Stock Down 4.8%

NASDAQ:FHTX opened at $4.36 on Friday. The firm has a market capitalization of $246.56 million, a PE ratio of -3.86 and a beta of 3.04. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $6.81. The stock’s 50-day simple moving average is $4.42 and its 200 day simple moving average is $4.82.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.06. The company had revenue of $8.15 million for the quarter, compared to the consensus estimate of $6.20 million. On average, analysts anticipate that Foghorn Therapeutics will post -1.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its stake in shares of Foghorn Therapeutics by 13,755.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after purchasing an additional 5,502 shares during the period. Evelyn Partners Asset Management Ltd bought a new stake in Foghorn Therapeutics in the second quarter worth approximately $33,000. BNP Paribas Financial Markets increased its holdings in 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 purchasing an additional 2,305 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Foghorn Therapeutics by 136.8% in the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock valued at $43,000 after buying an additional 5,323 shares during the period. Finally, Alta Wealth Advisors LLC bought a new position in shares of Foghorn Therapeutics during the 3rd quarter worth approximately $49,000. 61.55% of the stock is owned by institutional investors.

About Foghorn Therapeutics

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