Brokerages Set Foghorn Therapeutics Inc. (NASDAQ:FHTX) Target Price at $11.43

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been given a consensus recommendation of “Moderate Buy” by the eight research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $11.4286.

A number of equities analysts have recently commented on FHTX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Friday, July 17th. Wall Street Zen upgraded Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday.

Foghorn Therapeutics Price Performance

Shares of FHTX opened at $6.24 on Friday. Foghorn Therapeutics has a one year low of $3.27 and a one year high of $6.95. The company has a 50-day moving average of $4.77 and a two-hundred day moving average of $4.96. The stock has a market cap of $370.53 million, a price-to-earnings ratio of -6.37 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 firm had revenue of $16.10 million for the quarter, compared to analyst estimates of $6.80 million. Analysts anticipate that Foghorn Therapeutics will post -0.94 earnings per share for the current year.

Institutional Trading of Foghorn Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brummer Multi Strategy AB bought a new position in shares of Foghorn Therapeutics during the 4th quarter worth about $25,000. Russell Investments Group Ltd. lifted its stake in shares of Foghorn Therapeutics by 13,755.0% in the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after buying an additional 5,502 shares during the period. BNP Paribas Financial Markets grew its position in 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. Strs Ohio grew its position in Foghorn Therapeutics by 120.5% during the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock worth $46,000 after buying an additional 4,700 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Foghorn Therapeutics by 136.8% during the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock valued at $43,000 after acquiring an additional 5,323 shares during the period. 61.55% of the stock is currently owned by institutional investors and hedge funds.

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.