Foghorn Therapeutics (NASDAQ:FHTX) Downgraded to Hold Rating by Wall Street Zen

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

A number of other equities research analysts have also weighed in on the company. Stifel Nicolaus assumed coverage on Foghorn Therapeutics in a research report on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price objective on the stock. Wedbush restated an “outperform” rating and set a $10.00 target price on shares of Foghorn Therapeutics in a report on Thursday. HC Wainwright reiterated a “buy” rating and issued a $13.00 price target on shares of Foghorn Therapeutics in a report on Tuesday. Jefferies Financial Group reissued a “buy” rating on shares of Foghorn Therapeutics in a research report on Thursday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.13.

Foghorn Therapeutics Trading Down 0.4%

Shares of NASDAQ:FHTX opened at $4.90 on Friday. The company has a 50-day moving average price of $5.66 and a 200-day moving average price of $5.05. The company has a market cap of $277.10 million, a price-to-earnings ratio of -4.19 and a beta of 3.02. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $6.95.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Wednesday, March 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.04). The company had revenue of $9.25 million during the quarter, compared to the consensus estimate of $9.50 million. As a group, research analysts forecast that Foghorn Therapeutics will post -1.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. bought a new stake in shares of Foghorn Therapeutics during the 4th quarter valued at $58,000. XTX Topco Ltd bought a new position in shares of Foghorn Therapeutics in the 4th quarter worth about $85,000. Millennium Management LLC lifted its position in Foghorn Therapeutics by 16.7% during the 4th quarter. Millennium Management LLC now owns 208,565 shares of the company’s stock valued at $1,126,000 after acquiring an additional 29,774 shares during the period. Jump Financial LLC purchased a new position in Foghorn Therapeutics during the 4th quarter valued at about $130,000. Finally, Public Employees Retirement System of Ohio boosted its stake in Foghorn Therapeutics by 350.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 14,269 shares of the company’s stock worth $77,000 after acquiring an additional 11,100 shares in the last quarter. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Company Profile

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.