Foghorn Therapeutics (NASDAQ:FHTX) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Foghorn Therapeutics (NASDAQ:FHTX) from a hold rating to a buy rating in a research note published on Saturday morning.

A number of other equities research analysts also recently issued reports on the stock. Stifel Nicolaus began coverage on shares of Foghorn Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Wednesday, October 8th. Wedbush restated an “outperform” rating and set a $10.00 target price on shares of Foghorn Therapeutics in a research report on Thursday, November 6th. BTIG Research initiated coverage on Foghorn Therapeutics in a research report on Thursday. They issued a “buy” rating and a $11.00 price target for the company. Finally, Guggenheim initiated coverage on Foghorn Therapeutics in a research note on Friday, November 7th. They set a “buy” rating and a $12.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $10.75.

Foghorn Therapeutics Trading Up 4.8%

NASDAQ:FHTX opened at $5.24 on Friday. The business’s 50-day moving average is $4.42 and its 200 day moving average is $4.86. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $6.79. The company has a market capitalization of $296.32 million, a P/E ratio of -4.64 and a beta of 3.04.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data 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 the consensus estimate of $6.20 million. On average, research analysts forecast that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

Institutional Trading of Foghorn Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. boosted its position in shares of Foghorn Therapeutics by 4.0% during 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 during the period. Vanguard Group Inc. lifted its stake in shares of Foghorn Therapeutics by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 1,899,457 shares of the company’s stock worth $9,288,000 after acquiring an additional 14,784 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Foghorn Therapeutics by 16.9% during the 2nd 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. DAFNA Capital Management LLC grew its position in Foghorn Therapeutics by 63.2% in the 1st quarter. DAFNA Capital Management LLC now owns 304,752 shares of the company’s stock valued at $1,112,000 after acquiring an additional 118,035 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in Foghorn Therapeutics by 8.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 241,816 shares of the company’s stock valued at $883,000 after acquiring an additional 18,036 shares during the last quarter. 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.