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

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been assigned an average rating of “Moderate Buy” from the eight analysts that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $11.4286.

Several analysts have issued reports on FHTX shares. HC Wainwright reissued a “buy” rating and set a $13.00 target price on shares of Foghorn Therapeutics in a research note on Tuesday, March 10th. Wall Street Zen downgraded shares of Foghorn Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday. Wedbush reissued an “outperform” rating and set a $10.00 target price on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. Jefferies Financial Group reissued a “buy” rating on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Tuesday, April 21st.

Institutional Trading of Foghorn Therapeutics

Several large investors have recently added to or reduced their stakes in FHTX. Candriam S.C.A. acquired a new stake in Foghorn Therapeutics during the 1st quarter valued at $1,500,000. Renaissance Technologies LLC grew its holdings in shares of 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 in the last quarter. Readystate Asset Management LP purchased a new position in shares of Foghorn Therapeutics during the 3rd quarter valued at $788,000. Millennium Management LLC grew its holdings in shares of Foghorn Therapeutics by 861.6% during the 3rd quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock valued at $874,000 after acquiring an additional 160,197 shares in the last quarter. Finally, Raymond James Financial Inc. grew its holdings in shares of Foghorn Therapeutics by 6.7% during the 2nd quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock valued at $11,126,000 after acquiring an additional 148,940 shares in the last quarter. 61.55% of the stock is owned by institutional investors and hedge funds.

Foghorn Therapeutics Stock Performance

NASDAQ FHTX opened at $4.03 on Friday. The stock has a market capitalization of $236.60 million, a P/E ratio of -3.47 and a beta of 2.89. Foghorn Therapeutics has a 1 year low of $3.27 and a 1 year high of $6.95. The business’s fifty day moving average is $4.33 and its two-hundred day moving average is $4.97.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $3.27 million during the quarter, compared to the consensus estimate of $7.94 million. On average, research analysts forecast that Foghorn Therapeutics will post -0.98 earnings per share for the current 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.