Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Average Rating of “Moderate Buy” from Analysts

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

FHTX has been the subject of several research reports. Wall Street Zen raised Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Friday, July 17th.

Institutional Trading of Foghorn Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of FHTX. Brummer Multi Strategy AB acquired a new stake in shares of Foghorn Therapeutics during the 4th quarter worth approximately $25,000. Russell Investments Group Ltd. increased its position in shares of Foghorn Therapeutics by 13,755.0% during the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after purchasing an additional 5,502 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Foghorn Therapeutics by 48.0% in the third quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock valued at $35,000 after purchasing an additional 2,305 shares in the last quarter. Strs Ohio raised its stake in shares of Foghorn Therapeutics by 120.5% in the fourth quarter. Strs Ohio now owns 8,600 shares of the company’s stock valued at $46,000 after purchasing an additional 4,700 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Foghorn Therapeutics by 136.8% in the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock worth $43,000 after purchasing an additional 5,323 shares during the period. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Foghorn Therapeutics Price Performance

FHTX stock opened at $6.64 on Friday. The stock has a market capitalization of $394.28 million, a price-to-earnings ratio of -6.78 and a beta of 2.89. The company has a 50-day moving average of $4.89 and a two-hundred day moving average of $4.97. Foghorn Therapeutics has a 52-week low of $3.27 and a 52-week high of $6.95.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.14. The business had revenue of $16.10 million during the quarter, compared to the consensus estimate of $6.80 million. Equities analysts expect that Foghorn Therapeutics will post -0.87 EPS for the current fiscal year.

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.