Foghorn Therapeutics initiated with an Outperform at Evercore ISI

Evercore ISI analyst Gavin Clark-Gartner initiated coverage of Foghorn Therapeutics (FHTX) with an Outperform rating and $20 price target. Foghorn is a pioneer in the chromatin biology field, targeting proteins that control how genes are expressed, the analyst tells investors in a research note. The firm sees FHD-909, the company’s selective BRM inhibitor partnered with Eli Lilly (LLY) that is just entering the clinic, as the large value driver for the shares. It believes Foghorn’s multiple epigenetic approaches have shown strong clinical data in oncology.