Foghorn Therapeutics Inc. (NASDAQ:FHTX) Given Average Recommendation of “Buy” by Brokerages

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been given a consensus rating of “Buy” by the nine analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $10.75.

FHTX has been the topic of a number of research reports. Guggenheim assumed coverage on Foghorn Therapeutics in a research note on Friday, November 7th. They set a “buy” rating and a $12.00 price target on the stock. B. Riley initiated coverage on shares of Foghorn Therapeutics in a report on Wednesday, September 17th. They set a “buy” rating and a $10.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Wednesday, October 8th. Wedbush reiterated an “outperform” rating and set a $10.00 price target on shares of Foghorn Therapeutics in a research note on Thursday, November 6th. Finally, Stifel Nicolaus initiated coverage on Foghorn Therapeutics in a report on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 target price on the stock.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position in Foghorn Therapeutics by 13,755.0% in the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock worth $27,000 after buying an additional 5,502 shares during the last quarter. Evelyn Partners Asset Management Ltd purchased a new stake in Foghorn Therapeutics during the second quarter valued at about $33,000. BNP Paribas Financial Markets boosted 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 purchasing an additional 2,305 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Foghorn Therapeutics by 136.8% in the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock worth $43,000 after purchasing an additional 5,323 shares in the last quarter. Finally, Alta Wealth Advisors LLC bought a new stake in shares of Foghorn Therapeutics in the third quarter valued at approximately $49,000. Institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Price Performance

Shares of Foghorn Therapeutics stock opened at $5.42 on Friday. The stock’s 50-day moving average is $4.52 and its 200 day moving average is $4.89. Foghorn Therapeutics has a one year low of $2.94 and a one year high of $6.79. The firm has a market cap of $306.22 million, a price-to-earnings ratio of -4.79 and a beta of 3.04.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.06. The company had revenue of $8.15 million for the quarter, compared to analyst estimates of $6.20 million. On average, sell-side analysts expect that Foghorn Therapeutics will post -1.55 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.