Shares of biotechnology company Foghorn Therapeutics (NASDAQ:FHTX) are surging at the time of writing today after the U.S. Food and Drug Administration lifted a clinical hold on a Phase 1 study of FHD-286.
The trial is a monotherapy dose escalation of FHD-286, Foghorn’s lead candidate, in acute myelogenous leukemia (AML) and myelodysplastic syndrome (MDS).
The clinical hold was placed in August 2022 over suspected cases of fatal differentiation syndrome ‘believed’ to be related to FHD-286. The company has amended the protocol and now plans to begin a Phase 1 study of the drug in combination with decitabine or cytarabine in patients with relapsed or refractory AML in the third quarter of this year.
Overall, the Street has a $16.17 consensus price target on Foghorn alongside a Strong buy consensus rating. Shares of the company have surged nearly 38% over the past month alone.
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