Analysts Set Foghorn Therapeutics Inc. (NASDAQ:FHTX) PT at $10.75

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have received an average recommendation of “Buy” from the nine brokerages that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $10.75.

Several analysts have commented on FHTX shares. Guggenheim assumed coverage on Foghorn Therapeutics in a report on Friday, November 7th. They issued a “buy” rating and a $12.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Thursday. Stifel Nicolaus started coverage on shares of Foghorn Therapeutics in a research report on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price objective for the company. BTIG Research started coverage on shares of Foghorn Therapeutics in a report on Thursday, December 18th. They set a “buy” rating and a $11.00 price objective on the stock. Finally, Wall Street Zen raised shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th.

Foghorn Therapeutics Stock Performance

FHTX opened at $5.81 on Tuesday. The company has a fifty day moving average of $5.15 and a two-hundred day moving average of $5.02. The stock has a market capitalization of $328.56 million, a price-to-earnings ratio of -5.14 and a beta of 3.05. Foghorn Therapeutics has a fifty-two week low of $2.94 and a fifty-two week high of $6.95.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Wednesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.06. The firm had revenue of $8.15 million for the quarter, compared to analysts’ expectations of $6.20 million. On average, equities research analysts forecast that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

Hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. boosted its stake in shares of Foghorn Therapeutics by 4.0% in the third quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock worth $12,042,000 after acquiring an additional 95,196 shares during the last quarter. Vanguard Group Inc. boosted its stake in 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 purchasing an additional 14,784 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Foghorn Therapeutics by 16.9% during the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after buying an additional 116,979 shares in the last quarter. Millennium Management LLC raised its position in shares of Foghorn Therapeutics by 861.6% in the third 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 last quarter. Finally, Readystate Asset Management LP acquired a new stake in shares of Foghorn Therapeutics in the third quarter valued at about $788,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

Foghorn Therapeutics Company Profile

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.