Foghorn Therapeutics (NASDAQ:FHTX) Stock Price Down 4.1% – Time to Sell?

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was down 4.1% during mid-day trading on Friday . The company traded as low as $6.00 and last traded at $6.02. Approximately 159,204 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 176,828 shares. The stock had previously closed at $6.28.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FHTX. Wall Street Zen raised Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Wednesday, October 8th. BTIG Research started coverage on shares of Foghorn Therapeutics in a research note on Thursday, December 18th. They issued a “buy” rating and a $11.00 price objective for the company. Wedbush reissued an “outperform” rating and set a $10.00 target price on shares of Foghorn Therapeutics in a research report on Thursday, November 6th. Finally, Stifel Nicolaus assumed coverage on shares of Foghorn Therapeutics in a research report on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Foghorn Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $10.75.

Foghorn Therapeutics Stock Performance

The business’s fifty day moving average price is $4.98 and its two-hundred day moving average price is $4.99. The firm has a market capitalization of $340.44 million, a P/E ratio of -5.33 and a beta of 3.05.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Wednesday, November 5th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.06. The firm had revenue of $8.15 million for the quarter, compared to analysts’ expectations of $6.20 million. Sell-side analysts predict that Foghorn Therapeutics Inc. will post -1.55 earnings per share for the current year.

Institutional Investors Weigh In On Foghorn Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Woodline Partners LP acquired a new position in shares of Foghorn Therapeutics during the third quarter valued at about $531,000. Millennium Management LLC increased its stake in Foghorn Therapeutics by 861.6% during the 3rd quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock valued at $874,000 after purchasing an additional 160,197 shares in the last quarter. Citadel Advisors LLC acquired a new position in Foghorn Therapeutics during the 3rd quarter valued at approximately $59,000. Raymond James Financial Inc. raised its holdings in shares of Foghorn Therapeutics by 4.0% in the third quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock worth $12,042,000 after buying an additional 95,196 shares during the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new stake in shares of Foghorn Therapeutics during the third quarter worth $58,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

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.