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

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been assigned a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $11.4286.

A number of equities analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Tuesday, April 21st. Wedbush reiterated an “outperform” rating and issued a $10.00 price target 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. Jefferies Financial Group reiterated a “buy” rating on shares of Foghorn Therapeutics in a research report on Thursday, March 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.00 price target on shares of Foghorn Therapeutics in a research report on Tuesday, March 10th.

Hedge Funds Weigh In On Foghorn Therapeutics

Hedge funds have recently modified their holdings of the company. Brummer Multi Strategy AB bought a new position in shares of Foghorn Therapeutics in the fourth quarter worth approximately $25,000. Russell Investments Group Ltd. boosted its position in shares of 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 purchasing an additional 5,502 shares during the period. BNP Paribas Financial Markets boosted its position in shares of 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 last quarter. Tower Research Capital LLC TRC boosted its position in shares of 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 last quarter. Finally, Strs Ohio boosted its position in shares of 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 last quarter. 61.55% of the stock is currently owned by institutional investors.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX opened at $4.22 on Monday. The firm has a 50 day moving average of $4.73 and a 200 day moving average of $5.05. The firm has a market capitalization of $247.76 million, a price-to-earnings ratio of -3.64 and a beta of 2.97. Foghorn Therapeutics has a 12-month low of $3.27 and a 12-month high of $6.95.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its 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 company had revenue of $3.27 million for the quarter, compared to the consensus estimate of $7.94 million. Sell-side analysts predict that Foghorn Therapeutics will post -0.98 EPS for the current year.

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.