Foghorn Therapeutics (NASDAQ:FHTX) Rating Increased to Buy at Wall Street Zen

Foghorn Therapeutics (NASDAQ:FHTX) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other equities research analysts also recently issued reports about the company. BTIG Research initiated coverage on Foghorn Therapeutics in a research report on Thursday. They set a “buy” rating and a $11.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Wednesday, October 8th. Guggenheim began coverage on Foghorn Therapeutics in a research report on Friday, November 7th. They set a “buy” rating and a $12.00 price target for the company. Wedbush restated an “outperform” rating and issued a $10.00 price objective on shares of Foghorn Therapeutics in a research report on Thursday, November 6th. Finally, Stifel Nicolaus started coverage on shares of Foghorn Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $10.75.

Foghorn Therapeutics Trading Up 4.8%

FHTX opened at $5.24 on Friday. Foghorn Therapeutics has a 12-month low of $2.94 and a 12-month high of $6.79. The firm has a 50 day moving average of $4.42 and a two-hundred day moving average of $4.85. The firm has a market capitalization of $296.32 million, a PE ratio of -4.64 and a beta of 3.04.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.06. The business had revenue of $8.15 million during the quarter, compared to analyst estimates of $6.20 million. As a group, analysts predict that Foghorn Therapeutics will post -1.55 EPS for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Several institutional investors have recently modified their holdings of FHTX. Raymond James Financial Inc. raised its position in shares of Foghorn Therapeutics by 4.0% during the 3rd quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock worth $12,042,000 after purchasing an additional 95,196 shares during the last quarter. Vanguard Group Inc. increased 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 buying an additional 14,784 shares in the last quarter. Geode Capital Management LLC raised 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 valued at $3,797,000 after acquiring an additional 116,979 shares during the last quarter. DAFNA Capital Management LLC lifted its position in shares of Foghorn Therapeutics by 63.2% in the first quarter. DAFNA Capital Management LLC now owns 304,752 shares of the company’s stock valued at $1,112,000 after acquiring an additional 118,035 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Foghorn Therapeutics by 8.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 241,816 shares of the company’s stock valued at $883,000 after acquiring an additional 18,036 shares in the last quarter. Institutional investors and hedge funds own 61.55% of the company’s stock.

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.