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

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have received a consensus rating of “Buy” from the nine analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $10.75.

A number of research firms have recently weighed in on FHTX. Wedbush reaffirmed an “outperform” rating and set a $10.00 price target on shares of Foghorn Therapeutics in a research note on Thursday, November 6th. Stifel Nicolaus assumed coverage on shares of Foghorn Therapeutics in a research report on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price objective on the stock. BTIG Research started coverage on shares of Foghorn Therapeutics in a research note on Thursday, December 18th. They set a “buy” rating and a $11.00 price target on the stock. Guggenheim started 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, Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Thursday, January 22nd.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FHTX. Brummer Multi Strategy AB bought a new stake in Foghorn Therapeutics during the fourth quarter valued at about $25,000. Russell Investments Group Ltd. boosted its stake in Foghorn Therapeutics by 13,755.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after purchasing an additional 5,502 shares during the period. Evelyn Partners Asset Management Ltd acquired a new stake in Foghorn Therapeutics in the 2nd quarter valued at approximately $33,000. BNP Paribas Financial Markets grew its holdings in Foghorn Therapeutics by 48.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock valued at $35,000 after buying an additional 2,305 shares during the last quarter. Finally, Strs Ohio increased its position in Foghorn Therapeutics by 120.5% in the 4th quarter. Strs Ohio now owns 8,600 shares of the company’s stock worth $46,000 after buying an additional 4,700 shares during the period. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Foghorn Therapeutics Price Performance

NASDAQ FHTX opened at $5.55 on Friday. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $6.95. The company has a market capitalization of $313.85 million, a P/E ratio of -4.91 and a beta of 3.02. The company’s 50 day simple moving average is $5.42 and its 200 day simple moving average is $4.99.

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.