Foghorn Therapeutics (NASDAQ:FHTX) Earns Buy Rating from HC Wainwright

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $13.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 137.23% from the company’s current price.

Several other equities analysts also recently weighed in on FHTX. Stifel Nicolaus began coverage on Foghorn Therapeutics in a research report on Wednesday, December 3rd. They set a “buy” rating and a $12.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Thursday, January 22nd. BTIG Research initiated coverage on Foghorn Therapeutics in a research note on Thursday, December 18th. They set a “buy” rating and a $11.00 price target for the company. Jefferies Financial Group started coverage on shares of Foghorn Therapeutics in a research report on Tuesday, February 17th. They set a “buy” rating and a $12.00 target price for the company. Finally, Wall Street Zen raised shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.13.

Foghorn Therapeutics Price Performance

Foghorn Therapeutics stock opened at $5.48 on Tuesday. The firm’s 50-day moving average is $5.66 and its two-hundred day moving average is $5.05. The stock has a market capitalization of $309.89 million, a P/E ratio of -4.85 and a beta of 3.02. Foghorn Therapeutics has a 12-month low of $2.94 and a 12-month high of $6.95.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Deutsche Bank AG grew its stake in Foghorn Therapeutics by 7.3% during the 4th quarter. Deutsche Bank AG now owns 27,421 shares of the company’s stock valued at $148,000 after purchasing an additional 1,861 shares in the last quarter. BNP Paribas Financial Markets grew 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 buying an additional 2,305 shares in the last quarter. JPMorgan Chase & Co. increased its stake 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 valued at $84,000 after acquiring an additional 2,812 shares in the last quarter. Finally, Strs Ohio boosted its stake in Foghorn Therapeutics by 120.5% during the 4th quarter. Strs Ohio now owns 8,600 shares of the company’s stock valued at $46,000 after acquiring an additional 4,700 shares during the last quarter. Hedge funds and other institutional investors own 61.55% of the company’s stock.

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.