Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have earned a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $11.4286.

A number of brokerages recently weighed in on FHTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. Wall Street Zen upgraded shares of Foghorn Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 8th.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX opened at $6.26 on Friday. The business’s 50 day moving average price is $5.00 and its 200-day moving average price is $4.98. Foghorn Therapeutics has a fifty-two week low of $3.27 and a fifty-two week high of $6.95. The company has a market cap of $371.72 million, a price-to-earnings ratio of -6.39 and a beta of 2.89.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.14. The business had revenue of $16.10 million during the quarter, compared to analysts’ expectations of $6.80 million. Sell-side analysts predict that Foghorn Therapeutics will post -0.87 earnings per share for the current year.

Institutional Trading of Foghorn Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of FHTX. BlackRock Inc. bought a new position in shares of Foghorn Therapeutics during the 2nd quarter worth approximately $12,819,000. Raymond James Financial Inc. boosted its stake in Foghorn Therapeutics by 4.0% in the third quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock valued at $12,042,000 after acquiring an additional 95,196 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Foghorn Therapeutics by 0.8% during the third quarter. Vanguard Group Inc. now owns 1,899,457 shares of the company’s stock worth $9,288,000 after purchasing an additional 14,784 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Foghorn Therapeutics by 16.9% during the 2nd quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock valued at $3,797,000 after purchasing an additional 116,979 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Foghorn Therapeutics by 36.5% during the 1st quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock valued at $1,943,000 after purchasing an additional 108,689 shares during the last quarter. Institutional investors own 61.55% of the company’s stock.

About Foghorn Therapeutics

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.