Foghorn Therapeutics (NASDAQ:FHTX) Downgraded by Evercore to "Hold"

Key Points

• Evercore downgraded Foghorn Therapeutics from “outperform” to “hold,” while maintaining a $3.00 price target—about 62% above the stock’s current price.
• Analyst sentiment is broadly cautious: the stock has a consensus “hold” rating and a $6.14 average price target, with six holds, four buys, and one sell.
• Foghorn shares opened at $1.85 and remain near their 52-week low of $1.79; institutional investors own approximately 61.55% of the company.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) was downgraded by stock analysts at Evercore from an "outperform" rating to a "hold" rating in a report issued on Tuesday, Marketbeat Ratings reports. They presently have a $3.00 price target on the stock. Evercore's price objective would suggest a potential upside of 62.16% from the company's current price.

Other equities analysts have also recently issued research reports about the company. TD Cowen cut Foghorn Therapeutics from a "buy" rating to a "hold" rating in a report on Thursday, October 1st. Wall Street Zen raised shares of Foghorn Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. HC Wainwright reduced their target price on shares of Foghorn Therapeutics from $13.00 to $5.00 and set a "buy" rating on the stock in a research report on Friday, October 2nd. Citigroup downgraded shares of Foghorn Therapeutics from a "market outperform" rating to a "market perform" rating in a research note on Thursday, October 1st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $6.14.

Foghorn Therapeutics Price Performance

Shares of NASDAQ FHTX opened at $1.85 on Tuesday. Foghorn Therapeutics has a 1-year low of $1.79 and a 1-year high of $7.61. The business has a 50-day moving average of $4.71 and a 200-day moving average of $4.67. The company has a market capitalization of $109.85 million, a price-to-earnings ratio of -1.89 and a beta of 3.01.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.24) by $0.14. The company had revenue of $16.07 million during the quarter, compared to analyst estimates of $6.80 million. Research analysts expect that Foghorn Therapeutics will post -0.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of hedge funds have recently bought and sold shares of FHTX. BlackRock Inc. acquired a new stake in shares of Foghorn Therapeutics during the second quarter worth $12,819,000. Candriam S.C.A. bought a new position in shares of Foghorn Therapeutics in the 1st quarter worth about $1,500,000. Renaissance Technologies LLC lifted its position in shares of Foghorn Therapeutics by 36.5% in the 1st quarter. Renaissance Technologies LLC now owns 406,425 shares of the company's stock worth $1,943,000 after buying an additional 108,689 shares during the last quarter. SCS Capital Management LLC bought a new position in shares of Foghorn Therapeutics in the 2nd quarter worth about $522,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Foghorn Therapeutics in the 2nd quarter valued at about $387,000. Institutional investors and hedge funds own 61.55% of the company's stock.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics Inc is a clinical-stage biotechnology company focused on developing medicines that target the chromatin regulatory system, which helps control how genes are expressed. The company's research is aimed primarily at cancer and other diseases in which abnormalities in gene regulation contribute to disease progression.

Foghorn uses its proprietary Gene Traffic Control platform to study interactions among chromatin-regulating proteins and identify potential drug targets.