Foghorn Therapeutics Inc. (NASDAQ:FHTX) Stock Has Consensus Price Target of $11.67

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been assigned an average rating of “Hold” from the ten analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $6.67.

Several research firms have weighed in on FHTX. Citigroup cut Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Thursday. Wedbush cut Foghorn Therapeutics from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $10.00 to $2.00 in a research note on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. BTIG Research lowered Foghorn Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Finally, HC Wainwright cut their price target on shares of Foghorn Therapeutics from $13.00 to $5.00 and set a “buy” rating on the stock in a report on Friday.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in Foghorn Therapeutics in the 2nd quarter worth approximately $12,819,000. Candriam S.C.A. bought a new position in shares of Foghorn Therapeutics during the 1st quarter valued at $1,500,000. Renaissance Technologies LLC boosted its stake 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 stake in shares of Foghorn Therapeutics in the second quarter worth $522,000. Finally, Squarepoint Ops LLC grew its holdings 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 worth $636,000 after acquiring an additional 26,603 shares during the period. 61.55% of the stock is currently owned by institutional investors.

Trending Headlines about Foghorn Therapeutics

Here are the key news stories impacting Foghorn Therapeutics this week:

• Positive Sentiment: Foghorn plans to prioritize its wholly owned pipeline, including selective EP300 and CBP degraders, an oral immunology and inflammation program, and an induced-proximity platform. Management expects the restructuring and approximately 40% workforce reduction to extend its cash runway into the second half of 2029. Foghorn Therapeutics Provides Update on FHD-909 and Strategic Priorities
• Positive Sentiment: HC Wainwright lowered its price target to $5 from $13 but retained a “buy” rating, implying substantial potential upside from recent trading levels. HC Wainwright Price Target Update
• Neutral Sentiment: Foghorn and Lilly decided not to advance FHD-909, also known as LY4050784, into clinical expansion after reviewing Phase 1 dose-escalation data. The companies also will not advance the selective SMARCA2 degrader program, leaving Foghorn to focus on programs it owns outright. Foghorn Therapeutics Halts FHD-909 Development
• Negative Sentiment: The termination eliminates Lilly’s ongoing collaboration and removes a major externally validated development program from Foghorn’s pipeline. Foghorn will cut about 40% of its workforce as part of the strategic reset. Foghorn to Slash 40% of Jobs as Lilly Cancer Partnership Falls Apart
• Negative Sentiment: Analysts became more cautious: TD Cowen downgraded the stock following Lilly’s exit, BTIG moved FHTX from “buy” to “neutral,” and Stifel reduced its price target to $5. These revisions reflect heightened uncertainty around Foghorn’s clinical pipeline and future catalysts. Foghorn Downgraded as TD Cowen Reacts to Lilly Exit

Foghorn Therapeutics Stock Down 30.8%

FHTX opened at $2.02 on Friday. The business’s fifty day simple moving average is $5.11 and its 200 day simple moving average is $4.82. Foghorn Therapeutics has a 52 week low of $1.79 and a 52 week high of $7.61. The stock has a market cap of $119.95 million, a PE ratio of -2.06 and a beta of 3.01.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data 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 business had revenue of $16.07 million during the quarter, compared to analysts’ expectations of $6.80 million. As a group, equities analysts anticipate that Foghorn Therapeutics will post -0.85 earnings per share for the current year.

About Foghorn Therapeutics

Foghorn Therapeutics Inc is a clinical-stage biotechnology company headquartered in Cambridge, Massachusetts. The company develops medicines designed to regulate gene expression by targeting the chromatin regulatory system, a network of proteins and complexes that controls how genetic information is organized and used within cells.

Foghorn’s discovery platform, known as Gene Traffic Control, is intended to identify drug targets within chromatin-remodeling complexes and develop selective small-molecule therapies.