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

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $11.1250.

FHTX has been the topic of a number of recent analyst reports. BTIG Research initiated coverage on shares of Foghorn Therapeutics in a research report on Thursday, December 18th. They set a “buy” rating and a $11.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Thursday, January 22nd. Wall Street Zen raised Foghorn Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Stifel Nicolaus assumed coverage on Foghorn Therapeutics in a research report on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 target price for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research note on Tuesday.

Foghorn Therapeutics Stock Up 0.2%

Shares of NASDAQ FHTX opened at $5.49 on Wednesday. The stock has a market cap of $310.46 million, a P/E ratio of -4.86 and a beta of 3.02. The firm’s 50-day simple moving average is $5.67 and its 200 day simple moving average is $5.05. Foghorn Therapeutics has a fifty-two week low of $2.94 and a fifty-two week high of $6.95.

Institutional Investors Weigh In On Foghorn Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Deutsche Bank AG lifted its holdings in Foghorn Therapeutics by 7.3% in the 4th quarter. Deutsche Bank AG now owns 27,421 shares of the company’s stock valued at $148,000 after acquiring an additional 1,861 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Foghorn Therapeutics by 48.0% in 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 during the last quarter. JPMorgan Chase & Co. raised 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 worth $88,000 after purchasing an additional 2,597 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 worth $84,000 after purchasing an additional 2,812 shares in the last quarter. Finally, Strs Ohio lifted its stake in Foghorn Therapeutics by 120.5% during the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock valued at $46,000 after purchasing an additional 4,700 shares during the last quarter. 61.55% of the stock is currently owned by institutional investors.

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.