Wall Street Zen Upgrades Foghorn Therapeutics (NASDAQ:FHTX) to Hold

Foghorn Therapeutics (NASDAQ:FHTX) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $11.43.

Foghorn Therapeutics Price Performance

Shares of NASDAQ FHTX opened at $6.07 on Friday. Foghorn Therapeutics has a 12 month low of $3.27 and a 12 month high of $6.95. The company has a market cap of $360.44 million, a price-to-earnings ratio of -6.19 and a beta of 2.89. The business has a fifty day simple moving average of $4.73 and a 200-day simple moving average of $4.96.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.14. The company had revenue of $16.10 million during the quarter, compared to analysts’ expectations of $6.80 million. As a group, sell-side analysts expect that Foghorn Therapeutics will post -0.94 EPS for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Foghorn Therapeutics during the 2nd quarter valued at about $12,819,000. Candriam S.C.A. purchased a new stake in shares of Foghorn Therapeutics in the first quarter worth approximately $1,500,000. Renaissance Technologies LLC lifted its position in shares of Foghorn Therapeutics by 151.8% in the fourth quarter. Renaissance Technologies LLC now owns 297,736 shares of the company’s stock worth $1,608,000 after purchasing an additional 179,500 shares in the last quarter. Millennium Management LLC lifted its position in shares of Foghorn Therapeutics by 861.6% in the third quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock worth $874,000 after purchasing an additional 160,197 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in shares of Foghorn Therapeutics by 6.7% during the second quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock worth $11,126,000 after purchasing an additional 148,940 shares during the period. Institutional investors and hedge funds 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.