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

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been assigned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $11.4286.

Several research analysts recently weighed in on the stock. Jefferies Financial Group reissued a “buy” rating on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Tuesday, April 21st. HC Wainwright reissued a “buy” rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Tuesday, March 10th. Wall Street Zen raised shares of Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Finally, Wedbush reissued an “outperform” rating and set a $10.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, March 12th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. lifted its stake in Foghorn Therapeutics by 4.0% in the third quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock valued at $12,042,000 after buying an additional 95,196 shares in the last quarter. Vanguard Group Inc. lifted its stake in Foghorn Therapeutics by 0.8% in the third quarter. Vanguard Group Inc. now owns 1,899,457 shares of the company’s stock valued at $9,288,000 after buying an additional 14,784 shares in the last quarter. Geode Capital Management LLC lifted its stake 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 buying an additional 116,979 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Foghorn Therapeutics by 36.5% in the first quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock valued at $1,943,000 after buying an additional 108,689 shares in the last quarter. Finally, Candriam S.C.A. bought a new position in Foghorn Therapeutics in the first quarter valued at approximately $1,500,000. Institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Price Performance

Foghorn Therapeutics stock opened at $4.15 on Friday. The company’s 50 day simple moving average is $4.40 and its 200 day simple moving average is $4.98. Foghorn Therapeutics has a fifty-two week low of $3.27 and a fifty-two week high of $6.95. The firm has a market capitalization of $243.65 million, a price-to-earnings ratio of -3.58 and a beta of 2.89.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data 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 company had revenue of $3.27 million for the quarter, compared to analyst estimates of $7.94 million. As a group, analysts predict that Foghorn Therapeutics will post -0.98 EPS for the current fiscal year.

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.