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.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FHTX:
- Foghorn Therapeutics Advances Precision Oncology Pipeline
- Foghorn to discontinue independent development of FHD-286 with decitabine in AML
- Foghorn Therapeutics (FHTX) Collaborates with Eli Lilly and Surpasses Q3 Expectations
- Foghorn Therapeutics Reports Third Quarter Highlights
- Foghorn Therapeutics Advances Oncology Pipeline with New Trials