H.C. Wainwright analyst Andres Y. Maldonado maintained a Buy rating on Foghorn Therapeutics today and set a price target of $13.00.
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Andres Y. Maldonado has given his Buy rating due to a combination of factors, including Foghorn Therapeutics’ significant advancements in their selective protein degrader programs targeting ARID1B, CBP, and EP300. These programs have demonstrated potent and selective degradation of key oncogenic proteins, which are historically challenging to target due to their structural complexity. The company’s lead degraders, CBPd-171 and dEP300, have shown strong target selectivity and robust anti-tumor activity across various preclinical cancer models without causing significant side effects like thrombocytopenia.
Additionally, Foghorn’s strategic partnership with Lilly on the FHD-909 project and the promising preclinical results reinforce the credibility of their transition from discovery to clinical application. The ongoing development of FHD-909, particularly in combination with standard chemotherapy and other inhibitors, presents a near-term clinical catalyst. Furthermore, the potential of CBP and EP300 programs to offer medium-term opportunities and the transformative potential of the ARID1B degrader in extending synthetic lethality across a broad range of tumors contribute to the positive outlook for Foghorn Therapeutics.
In another report released today, Citizens JMP also maintained a Buy rating on the stock with a $9.00 price target.