Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $11.13 Consensus Price Target from Brokerages

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been given an average rating of “Moderate Buy” by the ten ratings firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $11.1250.

A number of analysts recently weighed in on the company. Stifel Nicolaus started coverage on Foghorn Therapeutics in a research report on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 target price for the company. Jefferies Financial Group reiterated a “buy” rating on shares of Foghorn Therapeutics in a research report on Thursday, March 12th. Wall Street Zen downgraded shares of Foghorn Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday. HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a report on Tuesday, March 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $10.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, March 12th.

Foghorn Therapeutics Stock Up 1.8%

FHTX opened at $5.06 on Wednesday. The business’s fifty day simple moving average is $5.66 and its 200 day simple moving average is $5.05. Foghorn Therapeutics has a 52 week low of $2.94 and a 52 week high of $6.95. The stock has a market cap of $297.02 million, a PE ratio of -4.32 and a beta of 3.02.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings results on Wednesday, March 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.04). The business had revenue of $9.25 million during the quarter, compared to analysts’ expectations of $9.50 million. As a group, equities analysts anticipate that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

Institutional Trading of Foghorn Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. grew its stake 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 last quarter. Vanguard Group Inc. lifted its stake in shares of Foghorn Therapeutics by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,899,457 shares of the company’s stock valued at $9,288,000 after acquiring an additional 14,784 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Foghorn Therapeutics by 16.9% in 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 last quarter. Renaissance Technologies LLC boosted its holdings in Foghorn Therapeutics by 151.8% during the 4th quarter. Renaissance Technologies LLC now owns 297,736 shares of the company’s stock valued at $1,608,000 after acquiring an additional 179,500 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Foghorn Therapeutics by 46.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 269,186 shares of the company’s stock valued at $1,454,000 after acquiring an additional 85,123 shares during the period. 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.