$FHTX

Evercore ISI downgraded Foghorn Therapeutics (FHTX) to In Line from Outperform, cutting its price target to $3.00 from $14.00 after the discontinuation of its lead clinical program, FHD-909. The stock is down 64% year-to-date, trading at $1.95. The firm removed FHD-909 from its model, reduced operating expenses, and estimates $131 million in net cash by year-end 2026. Other analysts have also adjusted their ratings and price targets following the drug program's halt.

Foghorn Therapeutics (FHTX) will halt development of FHD-909 after Phase 1 trial results showed insufficient efficacy, ending collaboration with Eli Lilly. The company will focus on its proprietary pipeline and reduce workforce by 40%. Wedbush downgraded FHTX to Neutral, cutting its price target to $2. FHTX shares closed at $2.02, down 30.82%.

Analysts this week focused on valuation discipline, trimming winners and cutting stalled growth stories. Key moves: Wells Fargo downgraded FS KKR (FSK) to Underweight with a $10 target, citing credit risks. Stifel upgraded STAAR Surgical (STAA) to Buy, raising its target to $31. Deutsche Bank downgraded Commerzbank (CBKG) to Hold. Citizens downgraded Foghorn Therapeutics (FHTX) after a drug trial failure. UBS downgraded Gurit Holding (GURN) to Neutral.

Analysts updated price targets for several companies. Argus raised Accenture's target to $260, Susquehanna cut CSX's to $55, and Rothschild upgraded Abbott Labs to Buy with a $127 target. Other notable changes include Synaptics, Nike, AtriCure, McCormick, Foghorn, Marathon, and Shattuck Labs.

Analysts downgraded several companies: Foghorn Therapeutics (FHTX) to Neutral, First Busey (BUSE) to Neutral with a $30 target, AST SpaceMobile (ASTS) to Neutral with a $65 target, AtriCure (ATRC) to Hold with a $57 target, and Equity Bancshares (EQBK) to Neutral with a $52 target. ASTS closed at $57.04 on Thursday.

Citizens downgraded Foghorn Therapeutics (FHTX) to Market Perform after it and Eli Lilly discontinued the FHD-909 drug candidate due to poor efficacy. Shares fell 18% to $2.88, extending a 34% YTD decline. Citizens cited lack of near-term catalysts, noting shares trade at a 26% premium to cash reserves. InvestingPro analysis suggests undervaluation, while Stifel lowered its price target to $5.00 but maintained a Buy rating.

Stifel reduced Foghorn Therapeutics' (FHTX) price target to $5.00 from $12.00, citing pipeline shifts. FHTX shares trade at $2.70, down 34% YTD. The company will focus on its wholly owned pipeline, extending cash runway to mid-2029. Stifel values FHTX at $138M net cash by 2026. Citizens reiterated a Market Outperform rating with a $9.00 target.

U.S. stocks fell Thursday, with the Dow Jones dropping 200 points. Micron (MU) reported Q4 revenue of $54.23B, beating estimates. Nexalin (NXL) and Stablecoin (SDEV) shares surged, while Corteva (CTVA) and NewGenIvf (NIVF) shares declined. Oil and gold prices rose, while European and Asian markets closed mixed.

Foghorn Therapeutics (FHTX) stock fell 43.7% after discontinuing its lead oncology asset, FHD-909, due to lack of efficacy. The company also ended a collaboration with Eli Lilly and plans a 40% workforce reduction, redirecting resources to its proprietary pipeline. The S&P 500, Dow Jones, and Nasdaq were up slightly, indicating the decline was company-specific.

Foghorn Therapeutics (FHTX) shares fell 50% premarket after Eli Lilly (LLY) terminated their 2021 collaboration, leading to layoffs. The move followed a review of clinical data.