Foghorn Therapeutics (NASDAQ:FHTX) Rating Increased to Strong-Buy at Jefferies Financial Group

Foghorn Therapeutics (NASDAQ:FHTX) was upgraded by Jefferies Financial Group to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other analysts have also commented on the company. Guggenheim began coverage on Foghorn Therapeutics in a research note on Friday, November 7th. They set a “buy” rating and a $12.00 price target on the stock. Stifel Nicolaus started coverage on Foghorn Therapeutics in a report on Wednesday, December 3rd. They set a “buy” rating and a $12.00 target price on the stock. Wall Street Zen raised shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Thursday, January 22nd. Finally, BTIG Research started coverage on shares of Foghorn Therapeutics in a report on Thursday, December 18th. They issued a “buy” rating and a $11.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Foghorn Therapeutics has an average rating of “Buy” and a consensus target price of $11.13.

Foghorn Therapeutics Price Performance

Shares of NASDAQ:FHTX opened at $5.56 on Tuesday. Foghorn Therapeutics has a one year low of $2.94 and a one year high of $6.95. The company has a market cap of $314.42 million, a price-to-earnings ratio of -4.92 and a beta of 3.02. The firm has a 50 day simple moving average of $5.47 and a 200 day simple moving average of $4.98.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FHTX. Brummer Multi Strategy AB acquired a new stake in Foghorn Therapeutics in the 4th quarter valued at $25,000. Russell Investments Group Ltd. grew its holdings in shares of Foghorn Therapeutics by 13,755.0% during the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after buying an additional 5,502 shares during the last quarter. Evelyn Partners Asset Management Ltd bought a new stake in shares of Foghorn Therapeutics during the second quarter worth about $33,000. BNP Paribas Financial Markets raised its holdings 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 acquiring an additional 2,305 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Foghorn Therapeutics by 136.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock valued at $43,000 after acquiring an additional 5,323 shares in 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.