H.C. Wainwright Reiterates Buy Rating on Foghorn Therapeutics (FHTX)

H.C. Wainwright analyst Andrew Fein reiterated a Buy rating and $13.00 price target on Foghorn Therapeutics (NASDAQ: FHTX).

The analyst commented: "The company is set to present results from the ongoing Phase 1a/b study of FHD-909 (SMARCA2 inhibitor), along with preclinical combination data evaluating FHD-909 with pembrolizumab and KRAS inhibitors, at the AACR 2025 Annual Meeting. While Foghorn’s shares have faced pressure (FHTX -33% YoY vs. XBI -13%) following the discontinuation of FHD-286 (BRM/BRG1 inhibitor), we believe this dataset represents a key milestone in de-risking the broader strategy of targeting chromatin remodeling complexes (CRC). For context, FHD-909 is a potent, allosteric inhibitor that selectively targets the ATPase function of BRM (SMARCA2) over BRG1 (SMARCA4). These proteins serve as the catalytic engines of the BAF chromatin remodeling complex, a fundamental regulator of chromatin dynamics. Preclinical data suggest that BRG1-mutant tumors depend on BRM for BAF complex functionality. In these studies, FHD-909 demonstrated significant anti-tumor activity against a range of BRG1-mutant lung cancers. Although other BRM-targeting therapies are in development, FHD-909’s differentiation lies in its screening within the full BAF complex. This recapitulates the chromatin remodeling system (CRS) more accurately than competitor approaches, which could yield superior structure-activity relationships (SAR) and ultimately, better therapeutic outcomes. As such, we believe Foghorn remains at the forefront of an underexplored therapeutic landscape for targeting chromatin remodeling in cancer. Given this best-in-class potential, we reiterate our Buy rating and maintain our $13 price target."

For an analyst ratings summary and ratings history on Foghorn Therapeutics click here. For more ratings news on Foghorn Therapeutics click here.

Shares of Foghorn Therapeutics closed at $4.50 yesterday.

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