Foghorn Therapeutics (FHTX) PT Lowered to $5 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered the price target on Foghorn Therapeutics (NASDAQ: FHTX) to $5.00 (from $13.00) while maintaining a Buy rating.

The analyst commented: "Yesterday, Foghorn announced the discontinuation of the Lilly-partnered (LLY, not rated) FHD-909 program following review of clinical data from the Phase 1 dose escalation. While FHD-909 demonstrated favorable safety at exposures exceeding preclinical targets, the SMARCA2/4 synthetic lethality relationship did not translate into a level of efficacy warranting further clinical development. The collaboration between Foghorn and Lilly will also not be advancing the selective SMARCA2 degrader program and do not currently anticipate further collaboration activities. Foghorn plans to prioritize their wholly owned pipeline, including selective degraders for EP300 and CBP, as well as a novel oral immunology/inflammation program. As part of the company reorganization, the company has reduced its workforce by ~40% and expects to extend cash runway into the second half of 2029. While the outcome is disappointing clinically and strategically for the synthetic lethal target approach, we are cautiously optimistic that selective EP300 lineage-dependent preclinical program holds promise in heme malignancies. Thus, we reiterate our Buy rating and reduce our PT from $13 to $5."

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