Shares of Foghorn Therapeutics (NASDAQ: FHTX), a clinical-stage biotechnology company tanked in pre-market trading on Monday after the company announced an update for the FHD-609 program in synovial sarcoma (cancer that can come from different types of soft tissue, such as muscle or ligaments) and SMARCB1-deleted tumors.
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The company announced that the U.S. FDA had placed its FHD-609 program on ” partial clinical hold in the United States, while allowing patients currently enrolled and benefiting from therapy to continue dosing and to remain on FHD-609.” The U.S. FDA has come to this decision after Foghorn paused patient enrollment in the FHD-609 study “due to a grade 4 QTc prolongation event in a synovial sarcoma patient at the second highest dose.” QTc prolongation is the higher length of time the heart muscle takes to contract and then recover.
Analysts are bullish about FHTX stock with a Strong Buy consensus rating based on four Buys and one Hold.
