Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been given a consensus recommendation of “Buy” by the nine research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $10.75.

FHTX has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Wednesday, October 8th. Stifel Nicolaus assumed coverage on Foghorn Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $12.00 target price for the company. BTIG Research initiated coverage on shares of Foghorn Therapeutics in a report on Thursday, December 18th. They set a “buy” rating and a $11.00 price target on the stock. B. Riley initiated coverage on shares of Foghorn Therapeutics in a research report on Wednesday, September 17th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, Wall Street Zen upgraded Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th.

Institutional Investors Weigh In On Foghorn Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP acquired a new position in shares of Foghorn Therapeutics during the third quarter worth $531,000. Millennium Management LLC lifted its stake in shares of Foghorn Therapeutics by 861.6% in the third quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock worth $874,000 after acquiring an additional 160,197 shares during the period. Citadel Advisors LLC bought a new stake in Foghorn Therapeutics in the third quarter valued at approximately $59,000. Raymond James Financial Inc. increased its position in Foghorn Therapeutics by 4.0% during the 3rd quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock valued at $12,042,000 after purchasing an additional 95,196 shares during the period. Finally, Occudo Quantitative Strategies LP bought a new position in Foghorn Therapeutics during the 3rd quarter worth approximately $58,000. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Foghorn Therapeutics Price Performance

Shares of NASDAQ FHTX opened at $5.42 on Friday. The business has a fifty day moving average price of $4.52 and a two-hundred day moving average price of $4.89. The stock has a market capitalization of $306.22 million, a PE ratio of -4.79 and a beta of 3.04. Foghorn Therapeutics has a fifty-two week low of $2.94 and a fifty-two week high of $6.79.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.06. The firm had revenue of $8.15 million for the quarter, compared to analyst estimates of $6.20 million. On average, equities analysts expect that Foghorn Therapeutics will post -1.55 EPS for the current year.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of novel epigenetic therapies for cancer. The company leverages its proprietary Targeted Protein Discovery Platform to identify and design small-molecule inhibitors that modulate chromatin regulatory proteins involved in tumor growth and survival. By targeting the mechanisms that control gene expression, Foghorn seeks to address unmet needs in oncology through precision medicine.

The company’s lead candidate, FHD-286, is a selective inhibitor of variant SWI/SNF chromatin remodeling complexes and is currently being evaluated in Phase 1 clinical trials for patients with solid tumors harboring specific SMARCA2 and SMARCA4 alterations.