Foghorn Therapeutics (NASDAQ:FHTX) Stock Price Down 1.9% - Time to Sell?

Key Points

• Shares fell 1.9% to $5.21 in mid-day trading with volume ~143,652 (up 18% vs. the average); the stock trades near its 50-day/200-day moving averages ($5.20/$5.04) and has a market cap of about $305.8M.
• Analysts are mixed but lean positive, with an average rating of "Moderate Buy" and an average price target of $11.13 (several buy ratings versus one sell).
• Foghorn missed expectations last quarter, reporting EPS of $(0.34) (vs. $(0.30) est.) and revenue of $9.25M (vs. $9.50M est.), while remaining a clinical-stage biotech advancing lead candidate FHD-286 in Phase 1 trials.

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report)'s stock price was down 1.9% during mid-day trading on Monday . The company traded as low as $5.21 and last traded at $5.21. Approximately 143,652 shares were traded during trading, an increase of 18% from the average daily volume of 121,763 shares. The stock had previously closed at $5.31.

Analyst Upgrades and Downgrades

FHTX has been the subject of several recent analyst reports. Wedbush reissued an "outperform" rating and issued a $10.00 price target on shares of Foghorn Therapeutics in a report on Thursday, March 12th. Wall Street Zen cut shares of Foghorn Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, March 14th. HC Wainwright reaffirmed a "buy" rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a report on Tuesday, March 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Foghorn Therapeutics in a research report on Tuesday, April 21st. Finally, Jefferies Financial Group restated a "buy" rating on shares of Foghorn Therapeutics in a research report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $11.13.

Foghorn Therapeutics Price Performance

The company's 50 day moving average price is $5.20 and its two-hundred day moving average price is $5.04. The stock has a market capitalization of $305.83 million, a PE ratio of -4.45 and a beta of 3.11.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its quarterly earnings data on Wednesday, March 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.04). The company had revenue of $9.25 million for the quarter, compared to the consensus estimate of $9.50 million. Analysts forecast that Foghorn Therapeutics Inc. will post -1.07 earnings per share for the current year.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of large investors have recently made changes to their positions in FHTX. Diversified Trust Co acquired a new stake in shares of Foghorn Therapeutics in the first quarter valued at approximately $52,000. Invesco Ltd. acquired a new position in Foghorn Therapeutics during the fourth quarter worth $58,000. XTX Topco Ltd acquired a new position in Foghorn Therapeutics during the fourth quarter worth $85,000. Millennium Management LLC grew its holdings in Foghorn Therapeutics by 16.7% in the 4th quarter. Millennium Management LLC now owns 208,565 shares of the company's stock valued at $1,126,000 after buying an additional 29,774 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in Foghorn Therapeutics in the 4th quarter valued at $130,000. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

About Foghorn Therapeutics

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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