Foghorn Therapeutics, the Healthcare sector company, was revisited by a Wall Street analyst on October 30. Analyst Robert Driscoll from Wedbush maintained a Buy rating on the stock and has a $10.00 price target.
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Robert Driscoll has given his Buy rating due to a combination of factors related to Foghorn Therapeutics’ promising advancements in their ARID1B-degrader program and other related initiatives. The company has shown significant progress in identifying highly selective ARID1B degraders, which are crucial due to their potential synthetic lethal targeting in various tumor types. The early research indicates strong binding affinity and degradation specificity, which minimizes off-target effects and enhances therapeutic potential.
Additionally, Foghorn’s CBP and EP300 degrader programs are advancing well in preclinical studies, with both expected to be IND-ready by 2026. These programs have demonstrated notable anti-tumor efficacy in multiple cancer models, suggesting a broad application across different tumor types. The company’s strategic focus on optimizing long-acting injectable formulations further supports their potential for effective dosing regimens. Collectively, these developments underscore a positive outlook for Foghorn Therapeutics, justifying the Buy rating.
In another report released on October 31, Citizens JMP also maintained a Buy rating on the stock with a $9.00 price target.