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

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been given an average rating of “Moderate Buy” by the eight analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $11.4286.

FHTX has been the subject of several recent research reports. Wall Street Zen raised shares of Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th.

Foghorn Therapeutics Stock Up 1.0%

Shares of NASDAQ FHTX opened at $4.92 on Wednesday. The stock has a market capitalization of $292.15 million, a PE ratio of -5.02 and a beta of 2.86. The firm has a fifty day moving average of $5.65 and a 200-day moving average of $5.05. Foghorn Therapeutics has a 52-week low of $3.27 and a 52-week high of $7.61.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.14. The firm had revenue of $16.10 million during the quarter, compared to analysts’ expectations of $6.80 million. Equities research analysts expect that Foghorn Therapeutics will post -0.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of FHTX. Bank of America Corp DE acquired a new stake in Foghorn Therapeutics in the second quarter valued at approximately $127,000. Canada Pension Plan Investment Board purchased a new position in shares of Foghorn Therapeutics in the second quarter valued at $122,000. BlackRock Inc. acquired a new stake in Foghorn Therapeutics during the 2nd quarter valued at $12,819,000. Deutsche Bank AG purchased a new position in Foghorn Therapeutics in the 2nd quarter valued at about $178,000. Finally, Persistent Asset Partners Ltd purchased a new position in Foghorn Therapeutics in the 2nd quarter valued at about $229,000. Hedge funds and other institutional investors 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.