Morgan Stanley raised the firm’s price target on Foghorn Therapeutics to $9 from $6 and keeps an Equal Weight rating on the shares. The firm updated and makes current its model ahead of Q3 earnings and the Phase 1 FHD-286 dose escalation update expected for R/R AML in Q4 by incorporating the impact of the registered direct offering Foghorn conducted earlier this year and by updating its operating expense ramp expectations. FHD-286 represents Foghorn’s most advanced pipeline program and the firm sees this update as a key event that could have the potential for a plus or minus 25%-50% impact on the shares, the analyst added.
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