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

Key Points

• Foghorn Therapeutics has a consensus analyst rating of “Moderate Buy”, based on eight covering analysts, with six buy ratings, one strong buy, and one sell. The average 12-month price target is about $11.43.
• The stock was down 8.6% and opened at $5.44, with shares trading between a 12-month low of $3.27 and high of $6.95. The company’s market cap is about $319.4 million.
• Foghorn’s latest quarterly results missed expectations, reporting a loss of $0.29 EPS versus a $0.28 estimate and revenue of $3.27 million versus $7.94 million expected. Analysts currently expect the company to post -0.98 EPS for the full year.

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eight analysts that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have issued 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 a report on the stock in the last year is $11.4286.

A number of equities research analysts have commented on FHTX shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Foghorn Therapeutics in a research report on Tuesday, April 21st. Wall Street Zen downgraded shares of Foghorn Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday.

Foghorn Therapeutics Trading Down 8.6%

Shares of FHTX stock opened at $5.44 on Tuesday. The business's 50-day moving average price is $4.38 and its 200-day moving average price is $5.02. Foghorn Therapeutics has a 12 month low of $3.27 and a 12 month high of $6.95. The firm has a market capitalization of $319.38 million, a price-to-earnings ratio of -4.69 and a beta of 2.86.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $3.27 million for the quarter, compared to analysts' expectations of $7.94 million. On average, sell-side analysts predict that Foghorn Therapeutics will post -0.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its position in Foghorn Therapeutics by 350.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 14,269 shares of the company's stock valued at $77,000 after purchasing an additional 11,100 shares during the period. AQR Capital Management LLC bought a new stake in Foghorn Therapeutics during the 1st quarter valued at $68,000. Citadel Advisors LLC acquired a new position in Foghorn Therapeutics during the third quarter worth $59,000. Occudo Quantitative Strategies LP acquired a new position in Foghorn Therapeutics during the third quarter worth $58,000. Finally, Invesco Ltd. bought a new position in shares of Foghorn Therapeutics in the fourth quarter valued at $58,000. 61.55% of the stock is 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.

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