Foghorn Therapeutics (NASDAQ:FHTX) Rating Lowered to “Hold” at Evercore

Foghorn Therapeutics (NASDAQ:FHTX) was downgraded by investment analysts at Evercore from a “strong-buy” rating to a “hold” rating in a report released on Tuesday, Marketbeat Ratings reports. They presently have a $3.00 price target on the stock. Evercore’s price objective points to a potential upside of 62.16% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Wall Street Zen raised shares of Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Stifel Nicolaus set a $5.00 price target on shares of Foghorn Therapeutics in a research note on Thursday, October 1st. Weiss Ratings reiterated 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 report on Thursday, October 1st. Finally, TD Cowen cut Foghorn Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, October 1st. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $6.14.

Foghorn Therapeutics Stock Performance

FHTX stock opened at $1.85 on Tuesday. The firm has a 50 day simple moving average of $4.71 and a 200 day simple moving average of $4.67. 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 $109.85 million, a P/E ratio of -1.89 and a beta of 3.01.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.14. The company had revenue of $16.07 million during the quarter, compared to analyst estimates of $6.80 million. Sell-side analysts predict that Foghorn Therapeutics will post -0.86 EPS for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Foghorn Therapeutics in the second quarter worth about $12,819,000. Renaissance Technologies LLC increased its holdings in shares of Foghorn Therapeutics by 36.5% during the 1st quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock valued at $1,943,000 after acquiring an additional 108,689 shares during the last quarter. Candriam S.C.A. acquired a new position in shares of Foghorn Therapeutics during the 1st quarter valued at about $1,500,000. Squarepoint Ops LLC increased its holdings in shares of Foghorn Therapeutics by 25.6% during the 2nd quarter. Squarepoint Ops LLC now owns 130,346 shares of the company’s stock valued at $636,000 after acquiring an additional 26,603 shares during the last quarter. Finally, SCS Capital Management LLC bought a new position in shares of Foghorn Therapeutics in the 2nd quarter valued at approximately $522,000. 61.55% of the stock is currently owned by institutional investors.

About Foghorn Therapeutics

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.