Foghorn Therapeutics (NASDAQ:FHTX) Stock Price Down 0.6% – Should You Sell?

Foghorn Therapeutics Inc. (NASDAQ:FHTX) fell 0.6% during trading on Wednesday . The company traded as low as $5.11 and last traded at $5.42. 130,711 shares traded hands during trading, a decline of 26% from the average session volume of 177,690 shares. The stock had previously closed at $5.45.

Analysts Set New Price Targets

FHTX has been the subject of a number of recent analyst reports. Wedbush reaffirmed 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 shares of Foghorn Therapeutics in a research note on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price objective for the company. BTIG Research assumed coverage on shares of Foghorn Therapeutics in a research note on Thursday, December 18th. They issued a “buy” rating and a $11.00 target price on the stock. Guggenheim assumed coverage on shares of Foghorn Therapeutics in a report on Friday, November 7th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Wall Street Zen raised shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $10.75.

Foghorn Therapeutics Stock Down 0.6%

The firm has a market cap of $306.51 million, a P/E ratio of -4.80 and a beta of 3.02. The stock’s 50-day moving average is $5.38 and its 200-day moving average is $4.99.

Institutional Investors Weigh In On Foghorn Therapeutics

Several hedge funds have recently made changes to their positions in FHTX. AQR Capital Management LLC bought a new position in Foghorn Therapeutics during the first quarter valued at about $68,000. Los Angeles Capital Management LLC grew its holdings in shares of Foghorn Therapeutics by 70.7% during the 2nd quarter. Los Angeles Capital Management LLC now owns 27,099 shares of the company’s stock worth $127,000 after purchasing an additional 11,225 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Foghorn Therapeutics by 16.9% during the 2nd quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after purchasing an additional 116,979 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Foghorn Therapeutics by 16.1% during 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. Finally, Evelyn Partners Asset Management Ltd acquired a new position in shares of Foghorn Therapeutics in the second quarter valued at $33,000. 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.