Brokerages Set Foghorn Therapeutics Inc. (NASDAQ:FHTX) PT at $10.75

by · The Cerbat Gem

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX – Get Free Report) have been given an average rating of “Buy” by the nine ratings firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, six have given a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $10.75.

A number of research firms have commented on FHTX. Wedbush restated an “outperform” rating and set a $10.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Wednesday, October 8th. BTIG Research assumed coverage on Foghorn Therapeutics in a research report on Thursday, December 18th. They issued a “buy” rating and a $11.00 price target on the stock. Wall Street Zen raised Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Finally, Stifel Nicolaus started coverage on shares of Foghorn Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price objective on the stock.

Check Out Our Latest Research Report on FHTX

Foghorn Therapeutics Stock Down 0.8%

Shares of Foghorn Therapeutics stock opened at $5.15 on Friday. The stock has a market capitalization of $291.23 million, a price-to-earnings ratio of -4.56 and a beta of 3.04. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $6.79. The company has a 50-day simple moving average of $4.59 and a two-hundred day simple moving average of $4.91.

Foghorn Therapeutics (NASDAQ:FHTX – Get Free Report) last announced its earnings results on Wednesday, November 5th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.06. The business had revenue of $8.15 million for the quarter, compared to the consensus estimate of $6.20 million. On average, sell-side analysts anticipate that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Woodline Partners LP acquired a new position in Foghorn Therapeutics during the third quarter valued at approximately $531,000. Millennium Management LLC increased its stake in shares of Foghorn Therapeutics by 861.6% in the 3rd quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock valued at $874,000 after purchasing an additional 160,197 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of Foghorn Therapeutics during the 3rd quarter worth $59,000. Raymond James Financial Inc. lifted its position in shares of Foghorn Therapeutics by 4.0% during the 3rd quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock worth $12,042,000 after buying an additional 95,196 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Foghorn Therapeutics during the 3rd quarter worth $58,000. 61.55% of the stock is owned by institutional investors.

About Foghorn Therapeutics

(Get Free Report)

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.

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