Brokerages Set Foghorn Therapeutics Inc. (NASDAQ:FHTX) Price Target at $11.43

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have earned a consensus rating of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $11.4286.

FHTX has been the topic of a number of recent analyst reports. Wedbush reissued an “outperform” rating and issued a $10.00 price target on shares of Foghorn Therapeutics in a research report on Thursday, March 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Tuesday, April 21st. Jefferies Financial Group reaffirmed a “buy” rating on shares of Foghorn Therapeutics in a research report on Thursday, March 12th. Wall Street Zen lowered shares of Foghorn Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $13.00 target price on shares of Foghorn Therapeutics in a research report on Tuesday, March 10th.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Brummer Multi Strategy AB bought a new position in Foghorn Therapeutics during the fourth quarter worth $25,000. Russell Investments Group Ltd. increased its position in Foghorn Therapeutics by 13,755.0% during the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock worth $27,000 after acquiring an additional 5,502 shares during the period. BNP Paribas Financial Markets increased its position in Foghorn Therapeutics by 48.0% during the third 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 period. Strs Ohio increased its position in Foghorn Therapeutics by 120.5% during the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock worth $46,000 after acquiring an additional 4,700 shares during the period. Finally, Tower Research Capital LLC TRC increased its position in Foghorn Therapeutics by 136.8% during the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock worth $43,000 after acquiring an additional 5,323 shares during the period. Institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Up 0.2%

NASDAQ:FHTX opened at $4.28 on Monday. Foghorn Therapeutics has a 12 month low of $3.27 and a 12 month high of $6.95. The firm has a market cap of $251.28 million, a price-to-earnings ratio of -3.69 and a beta of 2.97. The company’s 50 day moving average is $4.66 and its 200-day moving average is $5.05.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The firm had revenue of $3.27 million for the quarter, compared to the consensus estimate of $7.94 million. Research 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.