Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $11.43 Consensus PT from Analysts

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have received a consensus rating of “Moderate Buy” from the eight analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $11.4286.

FHTX has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Friday, July 17th.

Foghorn Therapeutics Stock Performance

Shares of Foghorn Therapeutics stock opened at $4.92 on Wednesday. The company has a market cap of $292.15 million, a PE ratio of -5.02 and a beta of 2.86. The company has a 50 day moving average of $5.65 and a 200-day moving average of $5.05. Foghorn Therapeutics has a 1-year low of $3.27 and a 1-year high of $7.61.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.14. The firm had revenue of $16.10 million during the quarter, compared to the consensus estimate of $6.80 million. Research analysts forecast that Foghorn Therapeutics will post -0.81 earnings per share for the current year.

Institutional Investors Weigh In On Foghorn Therapeutics

Several hedge funds have recently modified their holdings of the company. AQR Capital Management LLC acquired a new stake in shares of Foghorn Therapeutics during the first quarter valued at about $68,000. Geode Capital Management LLC grew its stake in shares of Foghorn Therapeutics by 16.9% in the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after purchasing an additional 116,979 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Foghorn Therapeutics by 16.1% in the second quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock valued at $88,000 after purchasing an additional 2,597 shares during the period. Rhumbline Advisers increased its stake in shares of Foghorn Therapeutics by 21.9% in the second quarter. Rhumbline Advisers now owns 44,165 shares of the company’s stock valued at $208,000 after buying an additional 7,920 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Foghorn Therapeutics by 18.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock worth $84,000 after purchasing an additional 2,812 shares during the last quarter. Institutional investors and hedge funds 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.