Wedbush Reiterates “Outperform” Rating for Foghorn Therapeutics (NASDAQ:FHTX)

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a report released on Thursday,Benzinga reports. They currently have a $10.00 target price on the stock. Wedbush’s target price would suggest a potential upside of 104.08% from the company’s previous close.

A number of other equities research analysts also recently commented on FHTX. Jefferies Financial Group initiated coverage on Foghorn Therapeutics in a research report on Tuesday, February 17th. They issued a “buy” rating and a $12.00 target price on the stock. BTIG Research initiated coverage on Foghorn Therapeutics in a report on Thursday, December 18th. They set a “buy” rating and a $11.00 price target for the company. Stifel Nicolaus began coverage on Foghorn Therapeutics in a research note on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Thursday, January 22nd. Finally, Wall Street Zen upgraded Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.13.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX opened at $4.90 on Thursday. The company has a market cap of $277.10 million, a P/E ratio of -4.19 and a beta of 3.02. Foghorn Therapeutics has a 52-week low of $2.94 and a 52-week high of $6.95. The firm’s fifty day moving average is $5.66 and its two-hundred day moving average is $5.05.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Wednesday, March 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.04). The business had revenue of $9.25 million for the quarter, compared to analyst estimates of $9.50 million. As a group, analysts forecast that Foghorn Therapeutics will post -1.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Foghorn Therapeutics

Several large investors have recently added to or reduced their stakes in FHTX. Brummer Multi Strategy AB purchased a new stake in Foghorn Therapeutics during the fourth quarter valued at approximately $25,000. Russell Investments Group Ltd. boosted its holdings 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. Evelyn Partners Asset Management Ltd purchased a new position in shares of Foghorn Therapeutics in the 2nd quarter worth approximately $33,000. BNP Paribas Financial Markets increased its position in shares of Foghorn Therapeutics by 48.0% during the 3rd 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 during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Foghorn Therapeutics by 136.8% during the 2nd 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 during the last quarter. 61.55% of the stock is owned by institutional investors.

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.