Foghorn Therapeutics (NASDAQ:FHTX) Shares Down 4.1% – Time to Sell?

Foghorn Therapeutics Inc. (NASDAQ:FHTX) shares fell 4.1% during trading on Friday . The stock traded as low as $6.00 and last traded at $6.02. 159,204 shares changed hands during trading, a decline of 10% from the average session volume of 176,828 shares. The stock had previously closed at $6.28.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FHTX. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Wednesday, October 8th. Guggenheim initiated coverage on Foghorn Therapeutics in a research note on Friday, November 7th. They issued a “buy” rating and a $12.00 target price for the company. Wedbush restated an “outperform” rating and set a $10.00 target price on shares of Foghorn Therapeutics in a research report on Thursday, November 6th. Stifel Nicolaus initiated coverage on Foghorn Therapeutics in a report on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price target on the stock. Finally, BTIG Research started coverage on Foghorn Therapeutics in a research report on Thursday, December 18th. They issued a “buy” rating and a $11.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $10.75.

Foghorn Therapeutics Price Performance

The business has a 50 day moving average of $4.98 and a 200 day moving average of $4.98. The firm has a market capitalization of $340.43 million, a price-to-earnings ratio of -5.33 and a beta of 3.05.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Wednesday, November 5th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.06. The company had revenue of $8.15 million during the quarter, compared to analyst estimates of $6.20 million. As a group, equities analysts predict that Foghorn Therapeutics Inc. will post -1.55 EPS for the current year.

Institutional Investors Weigh In On Foghorn Therapeutics

Several large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. raised its holdings in Foghorn Therapeutics by 13,755.0% in the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock worth $27,000 after purchasing an additional 5,502 shares during the period. Evelyn Partners Asset Management Ltd bought a new stake in shares of Foghorn Therapeutics in the 2nd quarter valued at $33,000. BNP Paribas Financial Markets increased its position in shares of Foghorn Therapeutics by 48.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock valued at $35,000 after buying an additional 2,305 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Foghorn Therapeutics by 136.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock worth $43,000 after buying an additional 5,323 shares during the period. Finally, Alta Wealth Advisors LLC bought a new position in Foghorn Therapeutics during the third quarter worth about $49,000. Institutional investors own 61.55% of the company’s stock.

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.