HC Wainwright Has Lowered Expectations for Foghorn Therapeutics (NASDAQ:FHTX) Stock Price

Foghorn Therapeutics (NASDAQ:FHTX) had its price objective lowered by HC Wainwright from $13.00 to $5.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective would indicate a potential upside of 71.23% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. Citigroup cut Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a research report on Thursday. TD Cowen lowered Foghorn Therapeutics to a “hold” rating in a research report on Thursday. Finally, BTIG Research cut shares of Foghorn Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $9.17.

Foghorn Therapeutics Stock Performance

NASDAQ FHTX opened at $2.92 on Friday. The stock has a market cap of $173.39 million, a price-to-earnings ratio of -2.98 and a beta of 3.01. The business has a 50 day simple moving average of $5.17 and a 200 day simple moving average of $4.84. Foghorn Therapeutics has a 52-week low of $1.79 and a 52-week high of $7.61.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings results 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. On average, analysts predict that Foghorn Therapeutics will post -0.81 EPS for the current year.

Institutional Investors Weigh In On Foghorn Therapeutics

Several large investors have recently made changes to their positions in the stock. Diversified Trust Co bought a new position in Foghorn Therapeutics in the 1st quarter valued at about $52,000. Canada Pension Plan Investment Board bought a new stake in shares of Foghorn Therapeutics during the second quarter worth approximately $122,000. Bank of America Corp DE bought a new stake in shares of Foghorn Therapeutics during the second quarter worth approximately $127,000. Squarepoint Ops LLC grew its position 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 purchasing an additional 26,603 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new position in shares of Foghorn Therapeutics during the second quarter worth approximately $144,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

Key Stories Impacting Foghorn Therapeutics

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

• Positive Sentiment: Foghorn plans to concentrate resources on its wholly owned pipeline, including selective EP300 and CBP degraders, an oral immunology and inflammation program, and its induced-proximity platform. Management expects the restructuring and pipeline prioritization to extend the company’s cash runway into the second half of 2029. Foghorn Therapeutics Provides Update on FHD-909 and Strategic Priorities
• Neutral Sentiment: Trading in FHTX was temporarily halted for “news pending,” while trading volume surged far above its normal average as investors assessed the partnership and pipeline changes. Foghorn Therapeutics Pivots Pipeline after Ending Eli Lilly Deal
• Negative Sentiment: Following a review of Phase 1 dose-escalation data, Foghorn and Lilly decided not to move FHD-909 into clinical development expansion. Lilly will also not advance the selective SMARCA2 degrader program, sharply reducing the near-term value of the collaboration. Foghorn Therapeutics Halts FHD-909 Development After Phase 1 Clinical Data Review
• Negative Sentiment: The companies do not plan future collaborations, ending a relationship that had provided Foghorn with a large pharmaceutical partner and potential funding or milestone support. Foghorn to Slash 40% of Jobs as Lilly Cancer Partnership Falls Apart
• Negative Sentiment: Foghorn will reduce its workforce by approximately 40% as it restructures around the remaining pipeline. Although the cuts are intended to preserve cash, they underscore the setback to the company’s clinical strategy and contributed to the sharp decline in FHTX. Foghorn Therapeutics Plunges as Eli Lilly Terminates Partnership

Foghorn Therapeutics Company Profile

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.