Foghorn Therapeutics’ (FHTX) Outperform Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a $10.00 target price on the stock.

A number of other brokerages have also issued reports on FHTX. BTIG Research assumed coverage on Foghorn Therapeutics in a research report on Thursday, December 18th. They issued a “buy” rating and a $11.00 target price on the stock. Jefferies Financial Group started coverage on shares of Foghorn Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $12.00 price target for the company. Wall Street Zen upgraded shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Thursday, January 22nd. Finally, HC Wainwright restated a “buy” rating and set a $13.00 target price on shares of Foghorn Therapeutics in a report on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Foghorn Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.13.

Foghorn Therapeutics Trading Down 0.4%

FHTX stock opened at $4.90 on Thursday. The stock has a 50-day moving average price of $5.66 and a two-hundred day moving average price of $5.05. Foghorn Therapeutics has a 1 year low of $2.94 and a 1 year high of $6.95. The stock has a market cap of $277.10 million, a PE ratio of -4.19 and a beta of 3.02.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings results on Wednesday, March 11th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). The firm had revenue of $9.25 million during the quarter, compared to the consensus estimate of $9.50 million. On average, analysts forecast that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG increased its position in shares of Foghorn Therapeutics by 7.3% during the 4th quarter. Deutsche Bank AG now owns 27,421 shares of the company’s stock worth $148,000 after purchasing an additional 1,861 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Foghorn Therapeutics by 48.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock worth $35,000 after purchasing an additional 2,305 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Foghorn Therapeutics by 16.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock valued at $88,000 after buying an additional 2,597 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Foghorn Therapeutics by 18.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock valued at $84,000 after buying an additional 2,812 shares during the last quarter. Finally, Strs Ohio grew its stake in shares of Foghorn Therapeutics by 120.5% in the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock valued at $46,000 after buying an additional 4,700 shares in the last quarter. 61.55% of the stock is currently owned by institutional investors.

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.