Analyst Andrew Fein from H.C. Wainwright reiterated a Buy rating on Foghorn Therapeutics (FHTX – Research Report) and keeping the price target at $13.00.
Andrew Fein’s rating is based on the promising potential of Foghorn Therapeutics’ FHD-909, which is a SMARCA2 inhibitor. The data from the ongoing Phase 1a/b study, along with preclinical combination data, suggests that FHD-909 could be a significant advancement in targeting chromatin remodeling complexes. This is particularly important given the previous setbacks with FHD-286, and the new data represents a critical milestone in reducing the risks associated with their broader strategy.
FHD-909’s ability to selectively target the ATPase function of BRM over BRG1, and its demonstrated anti-tumor activity against BRG1-mutant lung cancers, sets it apart from other therapies. The differentiation of FHD-909 lies in its comprehensive screening within the full BAF complex, which could lead to better therapeutic outcomes. The potential synergies with pembrolizumab and KRAS inhibitors further enhance its appeal, suggesting that Foghorn is at the forefront of an underexplored therapeutic landscape. These factors contribute to the Buy rating and the maintained price target of $13.
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