Foghorn Therapeutics (NASDAQ:FHTX) Downgraded by Citizens Jmp to Hold

Citizens Jmp lowered shares of Foghorn Therapeutics (NASDAQ:FHTX) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday,Zacks reports.

FHTX has been the topic of a number of other research reports. Stifel Nicolaus set a $5.00 target price on Foghorn Therapeutics in a research note on Thursday. Wall Street Zen raised Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Wedbush lowered Foghorn Therapeutics from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $10.00 to $2.00 in a research note on Friday. Citigroup cut Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Thursday. Finally, TD Cowen lowered Foghorn Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $6.67.

Foghorn Therapeutics Price Performance

FHTX stock opened at $2.02 on Thursday. Foghorn Therapeutics has a one year low of $1.79 and a one year high of $7.61. The stock has a market cap of $119.95 million, a PE ratio of -2.06 and a beta of 3.01. The firm has a 50 day simple moving average of $5.11 and a two-hundred day simple moving average of $4.82.

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

Institutional Trading of Foghorn Therapeutics

Several large investors have recently bought and sold shares of FHTX. Diversified Trust Co bought a new position in shares of Foghorn Therapeutics in the 1st quarter worth approximately $52,000. Canada Pension Plan Investment Board bought a new stake in shares of Foghorn Therapeutics during the second quarter valued at approximately $122,000. Bank of America Corp DE bought a new stake in shares of Foghorn Therapeutics during the second quarter valued at approximately $127,000. Squarepoint Ops LLC grew its stake in Foghorn Therapeutics by 25.6% in 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 during the period. Finally, GSA Capital Partners LLP purchased a new stake in Foghorn Therapeutics in the second quarter worth $144,000. 61.55% of the stock is owned by institutional investors.

Key Headlines Impacting Foghorn Therapeutics

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

Foghorn Therapeutics Company Profile

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.