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

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have earned a consensus rating of “Moderate Buy” from the eight research firms that are presently 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 assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $11.4286.

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Friday, July 17th.

Foghorn Therapeutics Price Performance

Shares of FHTX stock opened at $4.83 on Wednesday. The firm has a 50-day moving average of $5.66 and a 200-day moving average of $5.04. Foghorn Therapeutics has a one year low of $3.27 and a one year high of $7.61. The company has a market cap of $286.83 million, a P/E ratio of -4.93 and a beta of 2.86.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.14. The firm had revenue of $16.10 million for the quarter, compared to analysts’ expectations of $6.80 million. As a group, research analysts expect that Foghorn Therapeutics will post -0.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHTX. AQR Capital Management LLC purchased a new stake in Foghorn Therapeutics in the first quarter valued at approximately $68,000. Geode Capital Management LLC boosted its holdings in 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 acquiring an additional 116,979 shares during the period. JPMorgan Chase & Co. grew its holdings 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 purchasing an additional 2,597 shares during the last quarter. Rhumbline Advisers grew its holdings in Foghorn Therapeutics by 21.9% in the 2nd quarter. Rhumbline Advisers now owns 44,165 shares of the company’s stock worth $208,000 after acquiring an additional 7,920 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 worth $84,000 after purchasing an additional 2,812 shares during the last quarter. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

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.