On Tuesday, investment firm Jefferies started coverage on Foghorn Therapeutics (NASDAQ:FHTX) stock, a biotechnology company focused on developing cancer treatments. The firm issued a Buy rating, accompanied by a price target of $18.00.
Foghorn Therapeutics is recognized for its innovative approach to drug development, specifically its work on chromatin regulatory machinery to treat various types of cancer.
Among its notable developments is FHD-909, an oral BRM inhibitor currently in clinical trials, which is designed to treat non-small cell lung cancer (NSCLC). The drug's synthetic lethality mechanism and its potential for a broad market application have been highlighted as positive factors.
Additionally, another compound in Foghorn's pipeline, FHD-286, is a BRG1/BRM dual inhibitor that has demonstrated initial activity in refractory/relapsed acute myeloid leukemia (r/r AML). The anticipation of first combination data in the fourth quarter is considered a significant event that will inform the subsequent steps in the drug's development.
The price target of $18.00 reflects confidence in Foghorn Therapeutics' prospects and its strategy for addressing cancer treatment through its novel drug candidates. The company's advancements and upcoming milestones in its clinical programs are closely watched by investors and industry observers.
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