Analysts Set Foghorn Therapeutics Inc. (NASDAQ:FHTX) Price Target at $10.75

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has earned a consensus rating of “Buy” from the nine analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $10.75.

FHTX has been the topic of a number of recent research reports. Wedbush reaffirmed an “outperform” rating and issued a $10.00 target price on shares of Foghorn Therapeutics in a report on Thursday, November 6th. BTIG Research assumed coverage on Foghorn Therapeutics in a research report on Thursday, December 18th. They issued a “buy” rating and a $11.00 price target for the company. Stifel Nicolaus assumed coverage on Foghorn Therapeutics in a research report on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price objective on the stock. Wall Street Zen upgraded Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Finally, Guggenheim began coverage on shares of Foghorn Therapeutics in a report on Friday, November 7th. They issued a “buy” rating and a $12.00 target price for the company.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC purchased a new stake in Foghorn Therapeutics in the 1st quarter worth $68,000. Los Angeles Capital Management LLC grew its position in shares of Foghorn Therapeutics by 70.7% during the second quarter. Los Angeles Capital Management LLC now owns 27,099 shares of the company’s stock worth $127,000 after purchasing an additional 11,225 shares in the last quarter. Geode Capital Management LLC raised its stake in Foghorn Therapeutics by 16.9% during the 2nd quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock valued at $3,797,000 after purchasing an additional 116,979 shares during the period. JPMorgan Chase & Co. raised its stake in Foghorn Therapeutics by 16.1% during the 2nd 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. Finally, Evelyn Partners Asset Management Ltd purchased a new position in Foghorn Therapeutics in the 2nd quarter worth approximately $33,000. Institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Trading Up 5.5%

Shares of NASDAQ FHTX opened at $5.55 on Friday. Foghorn Therapeutics has a 12-month low of $2.94 and a 12-month high of $6.95. The firm has a market capitalization of $313.85 million, a price-to-earnings ratio of -4.91 and a beta of 3.02. The firm has a 50 day moving average of $5.44 and a 200 day moving average of $4.98.

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.