Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Consensus Rating of “Moderate Buy” from Analysts

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $11.4286.

Several research analysts have recently commented on the stock. Wall Street Zen lowered shares of Foghorn Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Wedbush reissued an “outperform” rating and issued a $10.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. Jefferies Financial Group reissued a “buy” rating on shares of Foghorn Therapeutics in a research note on Thursday, March 12th. HC Wainwright reissued a “buy” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Tuesday, March 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Tuesday, April 21st.

Foghorn Therapeutics Price Performance

Shares of FHTX stock opened at $4.28 on Monday. The firm has a market cap of $251.28 million, a PE ratio of -3.69 and a beta of 2.89. The company has a 50-day moving average of $4.66 and a two-hundred day moving average of $5.06. Foghorn Therapeutics has a 1-year low of $3.27 and a 1-year high of $6.95.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its earnings results on Thursday, May 7th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The business had revenue of $3.27 million for the quarter, compared to the consensus estimate of $7.94 million. Sell-side analysts anticipate that Foghorn Therapeutics will post -0.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FHTX. Candriam S.C.A. purchased a new position in shares of Foghorn Therapeutics in the first quarter valued at approximately $1,500,000. Renaissance Technologies LLC raised its holdings in Foghorn Therapeutics by 151.8% in the fourth quarter. Renaissance Technologies LLC now owns 297,736 shares of the company’s stock valued at $1,608,000 after acquiring an additional 179,500 shares in the last quarter. Readystate Asset Management LP acquired a new stake in Foghorn Therapeutics in the third quarter valued at approximately $788,000. Millennium Management LLC raised its holdings in Foghorn Therapeutics by 861.6% in the third quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock valued at $874,000 after acquiring an additional 160,197 shares in the last quarter. Finally, Raymond James Financial Inc. raised its holdings in Foghorn Therapeutics by 6.7% in the second quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock valued at $11,126,000 after acquiring an additional 148,940 shares in the last quarter. Hedge funds and other institutional investors own 61.55% of the company’s stock.

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.