Foghorn Therapeutics (NASDAQ:FHTX) Stock Rating Lowered 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 note issued to investors on Thursday, Zacks reports.

A number of other equities research analysts also recently issued reports on FHTX. Stifel Nicolaus set a $5.00 price objective on shares of Foghorn Therapeutics in a research report on Thursday. TD Cowen cut Foghorn Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday. Wedbush cut Foghorn Therapeutics from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $2.00 in a report on Friday. Wall Street Zen upgraded Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, BTIG Research lowered Foghorn Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. 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.com, the company presently has an average rating of “Hold” and an average price target of $6.67.

Foghorn Therapeutics Stock Down 30.8%

Shares of NASDAQ:FHTX opened at $2.02 on Thursday. The stock has a market capitalization of $119.95 million, a PE ratio of -2.06 and a beta of 3.01. The firm’s 50 day moving average price is $5.11 and its 200-day moving average price is $4.82. Foghorn Therapeutics has a twelve month low of $1.79 and a twelve month high of $7.61.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.14. The business had revenue of $16.07 million for the quarter, compared to the consensus estimate of $6.80 million. Analysts expect that Foghorn Therapeutics will post -0.81 earnings per share for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Several institutional investors have recently made changes to their positions in FHTX. BlackRock Inc. bought a new position in Foghorn Therapeutics in the 2nd quarter worth approximately $12,819,000. Renaissance Technologies LLC raised its position in shares of Foghorn Therapeutics by 36.5% during the first quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock valued at $1,943,000 after buying an additional 108,689 shares during the last quarter. Candriam S.C.A. purchased a new position in shares of Foghorn Therapeutics in the first quarter worth $1,500,000. Squarepoint Ops LLC lifted its holdings in shares of 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 buying an additional 26,603 shares in the last quarter. Finally, SCS Capital Management LLC bought a new position in shares of Foghorn Therapeutics during the second quarter worth $522,000. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics News Summary

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.