Foghorn Therapeutics Downgraded by TD Cowen Following Exit of Partnership with Eli Lilly
Foghorn Therapeutics saw a decline in share price for the second consecutive session after TD Cowen downgraded its rating on the biotech firm. The downgrade came following a sell-off triggered by Eli Lilly's decision to terminate their partnership, which had significant implications for Foghorn’s development pipeline. Eli Lilly and Foghorn were collaborating on certain therapeutic programs; however, with LLY exiting the arrangement, uncertainty has emerged regarding the future of these initiatives. This move led investors to reassess the company's prospects, contributing to a negative market reaction. The downgrade by TD Cowen reflects concerns over reduced partnership support and potential delays in clinical development timelines for Foghorn’s key programs.
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