Foghorn Therapeutics Inc. (NASDAQ:FHTX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has earned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $11.4286.

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Tuesday, April 21st. Wall Street Zen cut shares of Foghorn Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th.

Foghorn Therapeutics Trading Up 2.4%

FHTX opened at $5.19 on Tuesday. The firm has a market cap of $304.73 million, a P/E ratio of -4.47 and a beta of 2.86. Foghorn Therapeutics has a 12 month low of $3.27 and a 12 month high of $6.95. The stock has a 50-day moving average of $4.45 and a 200 day moving average of $5.02.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Thursday, May 7th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The firm had revenue of $3.27 million during the quarter, compared to analysts’ expectations of $7.94 million. On average, research analysts forecast that Foghorn Therapeutics will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of large investors have recently bought and sold shares of FHTX. Candriam S.C.A. bought a new position in Foghorn Therapeutics during the 1st quarter worth about $1,500,000. Diversified Trust Co bought a new stake in shares of Foghorn Therapeutics in the 1st quarter valued at about $52,000. Russell Investments Group Ltd. lifted its position in shares of Foghorn Therapeutics by 13,755.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock worth $27,000 after purchasing an additional 5,502 shares during the period. Strs Ohio lifted its position in shares of 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 purchasing an additional 4,700 shares during the period. Finally, Brummer Multi Strategy AB bought a new position in shares of Foghorn Therapeutics during the fourth quarter valued at approximately $25,000. Hedge funds and other institutional investors own 61.55% of the company’s stock.

About Foghorn Therapeutics

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.