Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $10.75 Average Target Price from Analysts

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has received an average rating of “Buy” from the ten ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $11.1250.

A number of research firms recently commented on FHTX. Guggenheim began coverage on Foghorn Therapeutics in a report on Friday, November 7th. They issued a “buy” rating and a $12.00 price objective on the stock. Stifel Nicolaus initiated coverage on Foghorn Therapeutics in a research report on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 target price on the stock. Jefferies Financial Group began coverage on Foghorn Therapeutics in a report on Tuesday. They set a “buy” rating and a $12.00 price target for the company. BTIG Research began coverage on Foghorn Therapeutics in a research report on Thursday, December 18th. They set a “buy” rating and a $11.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, December 20th.

Foghorn Therapeutics Price Performance

Shares of FHTX stock opened at $5.73 on Friday. The company has a market capitalization of $324.03 million, a PE ratio of -5.07 and a beta of 3.02. The firm’s 50-day moving average is $5.54 and its two-hundred day moving average is $5.00. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $6.95.

Hedge Funds Weigh In On Foghorn Therapeutics

Large investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC raised its position in Foghorn Therapeutics by 70.7% in the second quarter. Los Angeles Capital Management LLC now owns 27,099 shares of the company’s stock valued at $127,000 after purchasing an additional 11,225 shares during the period. Readystate Asset Management LP purchased a new position in shares of Foghorn Therapeutics during the third quarter worth $788,000. BNP Paribas Financial Markets grew its stake in shares of Foghorn Therapeutics by 48.0% in the third quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock valued at $35,000 after buying an additional 2,305 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Foghorn Therapeutics by 136.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock valued at $43,000 after buying an additional 5,323 shares during the period. Finally, Invesco Ltd. acquired a new position in Foghorn Therapeutics during the 4th quarter worth about $58,000. 61.55% of the stock is currently owned by institutional investors and hedge funds.

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.