Foghorn Therapeutics (NASDAQ:FHTX) Stock Dropped to “Hold” by Citizens Jmp

Foghorn Therapeutics (NASDAQ:FHTX) was downgraded by equities researchers at Citizens Jmp from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks reports.

Other equities research analysts also recently issued reports about the stock. Wedbush downgraded shares of Foghorn Therapeutics from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $10.00 to $2.00 in a report on Friday. BTIG Research downgraded shares of Foghorn Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Citigroup lowered shares of Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Thursday. Guggenheim lowered their price objective on shares of Foghorn Therapeutics from $12.00 to $5.00 and set a “buy” rating for the company in a research note on Friday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.67.

Foghorn Therapeutics Price Performance

FHTX opened at $2.02 on Thursday. The stock has a market capitalization of $119.95 million, a price-to-earnings ratio of -2.06 and a beta of 3.01. The business has a 50-day moving average of $5.11 and a two-hundred day moving average of $4.82. Foghorn Therapeutics has a 12 month low of $1.79 and a 12 month high of $7.61.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.14. The company had revenue of $16.07 million for the quarter, compared to analyst estimates of $6.80 million. Equities research analysts anticipate that Foghorn Therapeutics will post -0.81 earnings per share for the current year.

Institutional Trading of Foghorn Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC lifted its position in shares of Foghorn Therapeutics by 25.6% during the second quarter. Squarepoint Ops LLC now owns 130,346 shares of the company’s stock worth $636,000 after purchasing an additional 26,603 shares in the last quarter. Bank of America Corp DE acquired a new stake in Foghorn Therapeutics during the 2nd quarter valued at $127,000. Canada Pension Plan Investment Board acquired a new stake in Foghorn Therapeutics during the 2nd quarter valued at $122,000. BlackRock Inc. purchased a new stake in Foghorn Therapeutics during the 2nd quarter worth $12,819,000. Finally, Deutsche Bank AG purchased a new stake in Foghorn Therapeutics during the 2nd quarter worth $178,000. Hedge funds and other institutional investors own 61.55% of the company’s stock.

More Foghorn Therapeutics News

Here are the key news stories impacting Foghorn Therapeutics this week:

• Positive Sentiment: Foghorn plans to prioritize its wholly owned pipeline, including selective EP300 and CBP degraders, an oral immunology and inflammation program, and an induced-proximity platform. Management expects the restructuring and approximately 40% workforce reduction to extend its cash runway into the second half of 2029. Foghorn Therapeutics Provides Update on FHD-909 and Strategic Priorities
• Positive Sentiment: HC Wainwright lowered its price target to $5 from $13 but retained a “buy” rating, implying substantial potential upside from recent trading levels. HC Wainwright Price Target Update
• Neutral Sentiment: Foghorn and Lilly decided not to advance FHD-909, also known as LY4050784, into clinical expansion after reviewing Phase 1 dose-escalation data. The companies also will not advance the selective SMARCA2 degrader program, leaving Foghorn to focus on programs it owns outright. Foghorn Therapeutics Halts FHD-909 Development
• Negative Sentiment: The termination eliminates Lilly’s ongoing collaboration and removes a major externally validated development program from Foghorn’s pipeline. Foghorn will cut about 40% of its workforce as part of the strategic reset. Foghorn to Slash 40% of Jobs as Lilly Cancer Partnership Falls Apart
• Negative Sentiment: Analysts became more cautious: TD Cowen downgraded the stock following Lilly’s exit, BTIG moved FHTX from “buy” to “neutral,” and Stifel reduced its price target to $5. These revisions reflect heightened uncertainty around Foghorn’s clinical pipeline and future catalysts. Foghorn Downgraded as TD Cowen Reacts to Lilly Exit

About Foghorn Therapeutics

Foghorn Therapeutics Inc is a clinical-stage biotechnology company headquartered in Cambridge, Massachusetts. The company develops medicines designed to regulate gene expression by targeting the chromatin regulatory system, a network of proteins and complexes that controls how genetic information is organized and used within cells.

Foghorn’s discovery platform, known as Gene Traffic Control, is intended to identify drug targets within chromatin-remodeling complexes and develop selective small-molecule therapies.