Foghorn Therapeutics (NASDAQ:FHTX) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Foghorn Therapeutics was downgraded by Wall Street Zen from “hold” to “sell”, adding to mixed analyst sentiment on the stock. Weiss Ratings also reaffirmed its “sell (d-)” view.
• The company’s shares fell to $5.95 on Friday, near the top of its 52-week range of $3.27 to $6.95, with a market cap of about $349 million.
• In its latest earnings report, Foghorn posted a smaller-than-expected loss of $0.29 per share but missed revenue estimates at $3.27 million versus $7.94 million expected. The company’s lead drug candidate, FHD-286, is still in Phase 1 trials for certain solid tumors.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Sunday.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Foghorn Therapeutics in a research report on Tuesday, April 21st. 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $11.43.

Foghorn Therapeutics Stock Performance

Shares of Foghorn Therapeutics stock traded down $0.06 during midday trading on Friday, hitting $5.95. The company had a trading volume of 293,937 shares, compared to its average volume of 356,242. Foghorn Therapeutics has a 52-week low of $3.27 and a 52-week high of $6.95. The stock has a market capitalization of $349.32 million, a P/E ratio of -5.13 and a beta of 2.86. The company has a 50 day moving average of $4.37 and a 200 day moving average of $5.03.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.01). The business had revenue of $3.27 million during the quarter, compared to analyst estimates of $7.94 million. Equities research analysts forecast that Foghorn Therapeutics will post -0.98 EPS for the current year.

Institutional Trading of Foghorn Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Brummer Multi Strategy AB bought a new stake in shares of Foghorn Therapeutics in the 4th quarter worth $25,000. Russell Investments Group Ltd. boosted its position in shares of Foghorn Therapeutics by 13,755.0% during the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company's stock valued at $27,000 after buying an additional 5,502 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Foghorn Therapeutics by 48.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company's stock worth $35,000 after buying an additional 2,305 shares in the last quarter. Strs Ohio increased its holdings in Foghorn Therapeutics by 120.5% in the 4th quarter. Strs Ohio now owns 8,600 shares of the company's stock worth $46,000 after buying an additional 4,700 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Foghorn Therapeutics by 136.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company's stock worth $43,000 after buying an additional 5,323 shares during the last quarter. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

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.

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