Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts give Foghorn Therapeutics a “Moderate Buy” consensus: Six analysts rate the stock a buy, one a strong buy and one a sell, with an average 12-month price target of $11.43.
• FHTX opened at $5.69, near its 50-day moving average of $5.60, while the company reported a quarterly loss of $0.10 per share—better than the expected $0.24 loss—and revenue of $16.1 million versus estimates of $6.8 million.
• Institutional ownership stands at 61.55%: BlackRock initiated a roughly $12.8 million position, while Renaissance Technologies and Millennium Management significantly increased their holdings.

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eight ratings firms that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $11.4286.

Several brokerages have commented on FHTX. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. Wall Street Zen upgraded Foghorn Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 8th.

Foghorn Therapeutics Stock Down 0.9%

NASDAQ FHTX opened at $5.69 on Wednesday. The business's fifty day moving average is $5.60 and its 200 day moving average is $5.06. Foghorn Therapeutics has a twelve month low of $3.27 and a twelve month high of $7.61. The company has a market cap of $337.87 million, a price-to-earnings ratio of -5.81 and a beta of 2.86.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.14. The firm had revenue of $16.10 million during the quarter, compared to analyst estimates of $6.80 million. On average, research analysts anticipate that Foghorn Therapeutics will post -0.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Foghorn Therapeutics in the 2nd quarter valued at about $12,819,000. Candriam S.C.A. acquired a new position in Foghorn Therapeutics during the 1st quarter worth approximately $1,500,000. Renaissance Technologies LLC boosted its holdings in Foghorn Therapeutics by 151.8% in the fourth quarter. Renaissance Technologies LLC now owns 297,736 shares of the company's stock worth $1,608,000 after acquiring an additional 179,500 shares in the last quarter. Millennium Management LLC grew its stake in Foghorn Therapeutics by 861.6% in the third quarter. Millennium Management LLC now owns 178,791 shares of the company's stock valued at $874,000 after acquiring an additional 160,197 shares during the period. Finally, Raymond James Financial Inc. grew its stake in Foghorn Therapeutics by 6.7% in the second quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company's stock valued at $11,126,000 after acquiring an additional 148,940 shares during the period. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source