Jefferies lowered the firm’s price target on Foghorn Therapeutics (FHTX) to $14 from $18 and keeps a Buy rating on the shares after the company discontinued development of FHD-286 in acute myeloid leukemia, explaining that the FHD-286 combo did not meet the efficacy bar in Phase 1 to support further development. The firm views this decision as “unsurprising” given the high efficacy benchmark set by standard-of-care venetoclax and believes Eli Lilly (LLY) allied SMARCA2 inhibitor FHD-909 “remains the main value driver for the company,” the analyst tells investors.
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