Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $10.75 Average PT from Analysts

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been given an average rating of “Buy” by the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $10.75.

Several research firms have recently weighed in on FHTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Wednesday, October 8th. Guggenheim initiated coverage on shares of Foghorn Therapeutics in a research note on Friday, November 7th. They issued a “buy” rating and a $12.00 target price on the stock. BTIG Research initiated coverage on Foghorn Therapeutics in a research note on Thursday, December 18th. They set a “buy” rating and a $11.00 target price on the stock. Wedbush reiterated an “outperform” rating and set a $10.00 target price on shares of Foghorn Therapeutics in a report on Thursday, November 6th. Finally, Wall Street Zen raised shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th.

Foghorn Therapeutics Stock Up 2.0%

FHTX stock opened at $6.20 on Tuesday. The business has a 50 day moving average of $5.10 and a 200-day moving average of $5.01. The firm has a market cap of $350.61 million, a PE ratio of -5.49 and a beta of 3.05. Foghorn Therapeutics has a 12-month low of $2.94 and a 12-month high of $6.95.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Wednesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping 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. On average, research analysts expect that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Readystate Asset Management LP purchased a new position in shares of Foghorn Therapeutics during the third quarter valued at approximately $788,000. Millennium Management LLC lifted its holdings in shares of Foghorn Therapeutics by 861.6% during the 3rd quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock valued at $874,000 after buying an additional 160,197 shares during the period. Raymond James Financial Inc. boosted its stake in shares of Foghorn Therapeutics by 6.7% in the 2nd quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock worth $11,126,000 after buying an additional 148,940 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Foghorn Therapeutics by 16.9% in the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock valued at $3,797,000 after acquiring an additional 116,979 shares during the period. Finally, Ameriprise Financial Inc. purchased a new position in Foghorn Therapeutics in the second quarter worth about $528,000. 61.55% of the stock is 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.