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

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have earned an average rating of “Moderate Buy” from the eight research firms that are presently covering the firm, MarketBeat reports. One equities research 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 brokers that have issued ratings on the stock in the last year is $11.4286.

Several research firms have recently weighed in on FHTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Tuesday, April 21st. Wall Street Zen lowered shares of Foghorn Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th.

Foghorn Therapeutics Stock Performance

FHTX opened at $5.19 on Tuesday. The stock has a market cap of $304.70 million, a price-to-earnings ratio of -4.47 and a beta of 2.86. The stock’s 50 day moving average price is $4.46 and its 200-day moving average price is $5.02. Foghorn Therapeutics has a one year low of $3.27 and a one year high of $6.95.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01). The company had revenue of $3.27 million during the quarter, compared to analysts’ expectations of $7.94 million. As a group, analysts predict that Foghorn Therapeutics will post -0.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Foghorn Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. increased its position in shares of Foghorn Therapeutics by 4.0% during the third quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock worth $12,042,000 after acquiring an additional 95,196 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Foghorn Therapeutics by 0.8% in the third quarter. Vanguard Group Inc. now owns 1,899,457 shares of the company’s stock valued at $9,288,000 after purchasing an additional 14,784 shares during the period. Geode Capital Management LLC grew its stake in Foghorn Therapeutics by 16.9% in the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after purchasing an additional 116,979 shares in the last quarter. Renaissance Technologies LLC grew its stake in Foghorn Therapeutics by 36.5% in the first quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock worth $1,943,000 after purchasing an additional 108,689 shares in the last quarter. Finally, Candriam S.C.A. purchased a new position in Foghorn Therapeutics during the 1st quarter worth $1,500,000. 61.55% of the stock is 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.