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

Key Points

• Wall Street Zen upgraded Foghorn Therapeutics from “Sell” to “Hold,” while Weiss Ratings maintained a “Sell (D-)” rating. MarketBeat’s analyst consensus remains “Moderate Buy,” with an average price target of $11.43.
• Foghorn shares opened at $6.07, up 9%, with a 52-week range of $3.27 to $6.95. The company reported a quarterly loss of $0.10 per share, outperforming the $0.24 expected loss, while revenue of $16.1 million exceeded the $6.8 million consensus estimate.
• Institutional investors and hedge funds own 61.55% of Foghorn’s stock, with several firms increasing their positions. The clinical-stage biotechnology company is developing epigenetic cancer therapies, including lead candidate FHD-286, which is in Phase 1 trials.

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

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

Foghorn Therapeutics Stock Up 9.0%

Shares of NASDAQ:FHTX opened at $6.07 on Friday. Foghorn Therapeutics has a fifty-two week low of $3.27 and a fifty-two week high of $6.95. The firm's 50-day simple moving average is $4.73 and its 200-day simple moving average is $4.97. The company has a market cap of $356.37 million, a price-to-earnings ratio of -6.19 and a beta of 2.89.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.14. The firm had revenue of $16.10 million for the quarter, compared to analysts' expectations of $6.80 million. On average, research analysts forecast that Foghorn Therapeutics will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG grew its position in Foghorn Therapeutics by 7.3% during the fourth quarter. Deutsche Bank AG now owns 27,421 shares of the company's stock worth $148,000 after buying an additional 1,861 shares during the period. BNP Paribas Financial Markets increased its holdings in Foghorn Therapeutics by 48.0% in the third quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company's stock valued at $35,000 after buying an additional 2,305 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Foghorn Therapeutics by 16.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company's stock valued at $88,000 after acquiring an additional 2,597 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Foghorn Therapeutics by 18.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company's stock valued at $84,000 after acquiring an additional 2,812 shares during the period. Finally, Strs Ohio boosted its stake in shares of Foghorn Therapeutics by 120.5% during the 4th quarter. Strs Ohio now owns 8,600 shares of the company's stock worth $46,000 after acquiring an additional 4,700 shares in the last quarter. 61.55% of the stock is owned by institutional investors and hedge funds.

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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