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

Key Points

• Consensus "Moderate Buy": Ten analysts currently cover Foghorn, with 1 sell, 8 buy and 1 strong buy, and an average 1-year price target of $11.125.
• Recent results missed estimates: Foghorn reported Q1 EPS of ($0.34) versus consensus ($0.30) and revenue of $9.25M vs. $9.50M, the stock trades around $4.93 with a market cap of ~$289M and analysts forecast -1.55 EPS for the year.
• Clinical-stage biotech with lead asset in Phase 1: The company develops epigenetic cancer therapies and is advancing FHD-286, a selective SWI/SNF inhibitor, in Phase 1 trials for tumors with SMARCA2/SMARCA4 alterations.

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) have earned an average rating of "Moderate Buy" from the ten ratings firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $11.1250.

Several analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Foghorn Therapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. Jefferies Financial Group reissued a "buy" rating on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. BTIG Research started coverage on Foghorn Therapeutics in a report on Thursday, December 18th. They set a "buy" rating and a $11.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and issued a $13.00 target price on shares of Foghorn Therapeutics in a report on Tuesday, March 10th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Foghorn Therapeutics in a report on Thursday, January 22nd.

Foghorn Therapeutics Stock Performance

NASDAQ FHTX opened at $4.93 on Friday. The stock has a market cap of $289.39 million, a PE ratio of -4.21 and a beta of 3.11. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $6.95. The company's 50-day moving average price is $5.38 and its 200-day moving average price is $5.01.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its quarterly earnings data on Wednesday, March 11th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.04). The company had revenue of $9.25 million for the quarter, compared to the consensus estimate of $9.50 million. As a group, sell-side analysts forecast that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

Institutional Trading of Foghorn Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Brummer Multi Strategy AB purchased a new position in Foghorn Therapeutics during the 4th quarter valued at about $25,000. Russell Investments Group Ltd. lifted its position in shares of Foghorn Therapeutics by 13,755.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company's stock worth $27,000 after purchasing an additional 5,502 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Foghorn Therapeutics by 48.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company's stock worth $35,000 after purchasing an additional 2,305 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Foghorn Therapeutics by 136.8% during the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company's stock valued at $43,000 after purchasing an additional 5,323 shares in the last quarter. Finally, Strs Ohio boosted its stake in shares of Foghorn Therapeutics by 120.5% during 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. 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.

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