Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Average Rating of “Buy” from Brokerages

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has earned an average recommendation of “Buy” from the nine research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, six have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $10.75.

FHTX has been the subject of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Wednesday, October 8th. Stifel Nicolaus started coverage on Foghorn Therapeutics in a research note on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price target for the company. Wall Street Zen raised shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Guggenheim initiated coverage on shares of Foghorn Therapeutics in a report on Friday, November 7th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $10.00 target price on shares of Foghorn Therapeutics in a research report on Thursday, November 6th.

Foghorn Therapeutics Stock Down 4.1%

Shares of NASDAQ FHTX opened at $6.02 on Tuesday. The firm’s fifty day moving average is $5.01 and its 200 day moving average is $4.99. Foghorn Therapeutics has a 52 week low of $2.94 and a 52 week high of $6.95. The company has a market cap of $340.43 million, a price-to-earnings ratio of -5.33 and a beta of 3.05.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.06. The firm had revenue of $8.15 million during the quarter, compared to analysts’ expectations of $6.20 million. Equities research analysts anticipate that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FHTX. Readystate Asset Management LP bought a new position in shares of Foghorn Therapeutics in the 3rd quarter worth approximately $788,000. Millennium Management LLC grew its stake in 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 purchasing an additional 160,197 shares during the period. Raymond James Financial Inc. raised its holdings in Foghorn Therapeutics by 6.7% in the second quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock worth $11,126,000 after purchasing an additional 148,940 shares in the last quarter. Geode Capital Management LLC lifted its position in Foghorn Therapeutics by 16.9% during the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock valued at $3,797,000 after buying an additional 116,979 shares during the period. Finally, Ameriprise Financial Inc. bought a new stake in shares of Foghorn Therapeutics during the 2nd quarter valued at $528,000. Hedge funds and other institutional investors own 61.55% of the company’s stock.

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.