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

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has received a consensus recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $11.4286.

A number of equities research analysts recently commented on FHTX shares. Wall Street Zen lowered Foghorn Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Tuesday, April 21st.

Foghorn Therapeutics Stock Performance

Shares of FHTX opened at $5.44 on Tuesday. The firm has a market capitalization of $319.38 million, a P/E ratio of -4.69 and a beta of 2.86. Foghorn Therapeutics has a 52 week low of $3.27 and a 52 week high of $6.95. The stock has a 50 day moving average price of $4.38 and a two-hundred day moving average price of $5.02.

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

Institutional Investors Weigh In On Foghorn Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its stake in Foghorn Therapeutics by 36.5% in the 1st quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock valued at $1,943,000 after buying an additional 108,689 shares during the last quarter. Candriam S.C.A. purchased a new position in Foghorn Therapeutics in the first quarter valued at about $1,500,000. Diversified Trust Co purchased a new position in Foghorn Therapeutics in the first quarter valued at about $52,000. Invesco Ltd. bought a new position in shares of Foghorn Therapeutics during the 4th quarter valued at approximately $58,000. Finally, XTX Topco Ltd bought a new position in shares of Foghorn Therapeutics during the 4th quarter valued at approximately $85,000. 61.55% of the stock is owned by institutional investors.

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.