TD Cowen analyst Yaron Werber has maintained their bullish stance on FHTX stock, giving a Buy rating today.
Yaron Werber has given his Buy rating due to a combination of factors that highlight Foghorn Therapeutics’ promising advancements and strategic collaborations. The company’s lead candidate, FHD-909, is progressing well in a Phase 1 trial targeting SMARCA4-mutated cancers, particularly non-small cell lung cancer (NSCLC). The ongoing trial has shown steady enrollment, and the company is exploring combination therapies with Keytruda and KRAS inhibitors, with preclinical data expected to be presented at a major conference in 2025.
Additionally, Foghorn is making strides with its selective CBP and EP300 degraders, which are in the pipeline for future clinical trials. The preclinical data for these programs have shown promising results in terms of tumor growth inhibition without significant side effects. With a solid cash position of $244 million, Foghorn is well-positioned to continue its research and development efforts, making it an attractive investment opportunity according to Werber.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $13.00 price target.