Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $11.13 Average PT from Brokerages

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has earned an average rating of “Moderate Buy” from the ten research firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $11.1250.

A number of research firms recently commented on FHTX. Wedbush reiterated an “outperform” rating and set a $10.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Foghorn Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. HC Wainwright reiterated a “buy” rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Tuesday, March 10th. Finally, BTIG Research began coverage on shares of Foghorn Therapeutics in a research note on Thursday, December 18th. They set a “buy” rating and a $11.00 price objective on the stock.

Foghorn Therapeutics Price Performance

NASDAQ FHTX opened at $4.97 on Friday. Foghorn Therapeutics has a 12 month low of $3.00 and a 12 month high of $6.95. The firm has a market capitalization of $291.74 million, a PE ratio of -4.25 and a beta of 3.11. The company’s 50 day simple moving average is $5.34 and its 200 day simple moving average is $5.01.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings data on Wednesday, March 11th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04). The company had revenue of $9.25 million for the quarter, compared to analyst estimates of $9.50 million. Sell-side analysts anticipate that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. acquired a new position in Foghorn Therapeutics in the fourth quarter worth approximately $58,000. XTX Topco Ltd acquired a new position in Foghorn Therapeutics in the fourth quarter worth approximately $85,000. Millennium Management LLC grew its position in Foghorn Therapeutics by 16.7% in the fourth quarter. Millennium Management LLC now owns 208,565 shares of the company’s stock worth $1,126,000 after buying an additional 29,774 shares during the last quarter. Jump Financial LLC acquired a new position in Foghorn Therapeutics in the fourth quarter worth approximately $130,000. Finally, Public Employees Retirement System of Ohio grew its position in Foghorn Therapeutics by 350.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 14,269 shares of the company’s stock worth $77,000 after buying an additional 11,100 shares during the last quarter. Institutional investors and hedge funds 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.