Foghorn Therapeutics

FHTX · NASDAQ

$2.01+$0.14 (+7.49%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $1.87

FHTX analyst rating

BuyConsensus of 7 analysts over the last 12 months. 57% rate it a buy.

Strong buy0
Buy4
Hold3
Underperform0
Sell0

12-month price target · 11 analysts

Average $10.09 (+401.8% upside)

Low: $5.05
Now: $2.01
High: $14.70

Upgrades and downgrades

The latest rating actions, newest first

FHTX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wedbush	Oct 2, 2026	Downgrade	Outperform → Neutral	$10.00 → $2.00	39%
TD Cowen	Oct 2, 2026	Downgrade	Buy → Hold	—	49%
Guggenheim	Oct 2, 2026	Maintains	Buy	$12.00 → $5.00	62%
HC Wainwright & Co.	Oct 2, 2026	Maintains	Buy	$13.00 → $5.00	41%
BTIG	Oct 2, 2026	Downgrade	Buy → Neutral	—	54%
Wedbush	Mar 12, 2026	Maintains	Outperform	$10.00	39%
HC Wainwright & Co.	Mar 10, 2026	Maintains	Buy	$13.00	41%
Jefferies	Feb 17, 2026	Maintains	Buy	$14.00 → $12.00	0%
BTIG	Dec 18, 2025	Initiates	Buy	$11.00	54%
Stifel	Dec 4, 2025	Initiates	Buy	$12.00	39%

The case for and against

Updated Oct 18, 2026

Bull case

Foghorn Therapeutics is viewed favorably because its selective EP300 degraders appear to combine strong anti-tumor potential with a better tolerability profile than dual CBP/EP300 inhibition, which has been constrained by platelet toxicity despite clinical activity in myeloma. The company’s preclinical EP300 data showed efficacy that was equivalent or superior to inobrodib across multiple models with minimal platelet impact, while the target indication set in myeloma, DLBCL, and T cell lymphomas supports a large, clinically relevant oncology opportunity. Financially, the restructuring is expected to extend cash runway into H2:29 from prior H1:28 guidance, supported by approximately $168M of cash at Q2:26, giving it time to advance multiple preclinical programs toward the clinic and target an IND in late 2027.

Bear case

Foghorn Therapeutics is facing a weakened fundamental outlook because FHD-909, its only clinical-stage program, showed safety and target engagement but failed to deliver efficacy, undermining the company’s SMARCA2/4 synthetic-lethality thesis and forcing the Lilly collaboration to wind down. The loss of that partnered asset, along with the removal of combination opportunities and the decision not to advance the additional collaboration target, materially reduces near-term pipeline value and shifts reliance to earlier-stage programs such as EP300 and the oral I&I asset, which are not expected to be IND-ready until late '27. Although the approximately 40% workforce reduction extends cash runway into H2:29, the delayed CBP degrader and lack of clear clinical timing leave the stock dependent on preclinical assets with substantial clinical, regulatory, and financing risk.

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