Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $10.75 Consensus Target Price from Brokerages

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been given a consensus rating of “Buy” by the nine research firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $10.75.

A number of brokerages have weighed in on FHTX. Wedbush reissued an “outperform” rating and issued a $10.00 price target on shares of Foghorn Therapeutics in a report on Thursday, November 6th. Stifel Nicolaus initiated coverage on shares of Foghorn Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $12.00 target price for the company. BTIG Research started coverage on shares of Foghorn Therapeutics in a report on Thursday, December 18th. They set a “buy” rating and a $11.00 target price for the company. Wall Street Zen raised Foghorn Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Thursday.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of FHTX. BNP Paribas Financial Markets increased its stake in Foghorn Therapeutics by 48.0% in the 3rd 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 in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Foghorn Therapeutics by 16.1% in the second quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock worth $88,000 after buying an additional 2,597 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Foghorn Therapeutics by 18.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock worth $84,000 after acquiring an additional 2,812 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings 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 valued at $43,000 after acquiring an additional 5,323 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Foghorn Therapeutics by 13,755.0% during the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after acquiring an additional 5,502 shares during the period. Institutional investors and hedge funds own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX opened at $5.88 on Tuesday. Foghorn Therapeutics has a 1 year low of $2.94 and a 1 year high of $6.95. The firm has a market cap of $332.52 million, a P/E ratio of -5.20 and a beta of 3.05. The stock has a fifty day moving average price of $5.13 and a two-hundred day moving average price of $5.02.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.06. The firm had revenue of $8.15 million during the quarter, compared to analyst estimates of $6.20 million. On average, research analysts predict that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal 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.