Foghorn Therapeutics (NASDAQ:FHTX) Stock Bumped Down to “Hold” by Evercore

Foghorn Therapeutics (NASDAQ:FHTX) was downgraded by investment analysts at Evercore from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They presently have a $3.00 price objective on the stock. Evercore’s price objective would suggest a potential upside of 62.16% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Stifel Nicolaus set a $5.00 target price on shares of Foghorn Therapeutics in a research report on Thursday, October 1st. Citigroup cut shares of Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Thursday, October 1st. Wedbush downgraded Foghorn Therapeutics from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $10.00 to $2.00 in a research report on Friday, October 2nd. Guggenheim lowered their price target on Foghorn Therapeutics from $12.00 to $5.00 and set a “buy” rating on the stock in a research report on Friday, October 2nd. Finally, TD Cowen lowered Foghorn Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, October 1st. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $6.14.

Foghorn Therapeutics Trading Down 5.1%

Shares of Foghorn Therapeutics stock opened at $1.85 on Tuesday. The firm has a fifty day simple moving average of $4.71 and a 200-day simple moving average of $4.67. Foghorn Therapeutics has a 1-year low of $1.79 and a 1-year high of $7.61. The stock 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) last posted its quarterly earnings data 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 $16.07 million for the quarter, compared to the consensus estimate of $6.80 million. As a group, research analysts predict that Foghorn Therapeutics will post -0.86 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Squarepoint Ops LLC lifted its stake in shares of Foghorn Therapeutics by 25.6% in the second quarter. Squarepoint Ops LLC now owns 130,346 shares of the company’s stock valued at $636,000 after buying an additional 26,603 shares during the period. Bank of America Corp DE acquired a new stake in Foghorn Therapeutics during the second quarter worth about $127,000. Canada Pension Plan Investment Board bought a new position in Foghorn Therapeutics during the second quarter valued at about $122,000. BlackRock Inc. bought a new position in Foghorn Therapeutics during the second quarter valued at about $12,819,000. Finally, Deutsche Bank AG bought a new position in Foghorn Therapeutics during the second quarter valued at about $178,000. 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.