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

Key Points

• Analyst consensus is “Moderate Buy”: Of eight analysts, six recommend buying, one rates the stock a strong buy and one recommends selling. The average 12-month price target is $11.43, compared with FHTX’s $6.07 opening price.
• Foghorn exceeded quarterly expectations: The company reported a loss of $0.10 per share versus the $0.24 expected loss, while revenue reached $16.1 million against a $6.8 million consensus estimate.
• Institutional ownership remains significant: Hedge funds and institutional investors own 61.55% of the stock, with several firms recently increasing their positions or initiating stakes.

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) have received a consensus rating of "Moderate Buy" from the eight analysts that are currently covering the company, Marketbeat.com reports. One research 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 price objective among brokers that have issued a report on the stock in the last year is $11.4286.

Several analysts recently commented on the stock. Wall Street Zen raised shares of Foghorn Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday. Weiss Ratings reissued a "sell (d-)" rating on shares of Foghorn Therapeutics in a report on Friday, July 17th.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Brummer Multi Strategy AB acquired a new stake in Foghorn Therapeutics during the 4th quarter worth approximately $25,000. Russell Investments Group Ltd. boosted its stake in Foghorn Therapeutics by 13,755.0% in the 3rd 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 grew its holdings in Foghorn Therapeutics by 48.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company's stock valued at $35,000 after buying an additional 2,305 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Foghorn Therapeutics by 136.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company's stock valued at $43,000 after buying an additional 5,323 shares in the last quarter. Finally, Strs Ohio increased its position in Foghorn Therapeutics by 120.5% during the 4th quarter. Strs Ohio now owns 8,600 shares of the company's stock worth $46,000 after buying an additional 4,700 shares during the period. Institutional investors and hedge funds own 61.55% of the company's stock.

Foghorn Therapeutics Price Performance

FHTX stock opened at $6.07 on Friday. The company has a fifty day moving average price of $4.73 and a two-hundred day moving average price of $4.97. Foghorn Therapeutics has a one year low of $3.27 and a one year high of $6.95. The stock has a market cap of $356.37 million, a price-to-earnings ratio of -6.19 and a beta of 2.89.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.14. The company had revenue of $16.10 million during the quarter, compared to the consensus estimate of $6.80 million. Research analysts anticipate that Foghorn Therapeutics will post -0.98 EPS for the current fiscal year.

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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