Laura Prendergast, an analyst from Stifel Nicolaus, has initiated a new Buy rating on Foghorn Therapeutics (FHTX).
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Laura Prendergast’s rating is based on Foghorn Therapeutics’ promising developments in their lead asset, FHD-909, and their innovative degrader platform. The FHD-909 is a first-in-class SMARCA2 inhibitor that is being developed in partnership with LLY, with initial data expected in 2026. This collaboration not only helps mitigate risks but also positions FHD-909 for potential combination strategies in treating NSCLC, a significant market opportunity due to the poor performance of current standard-of-care treatments for SMARCA4-mutated patients.
Additionally, Foghorn’s proprietary degrader platform addresses significant scientific challenges by targeting frequently mutated cancer genes with high selectivity. This includes developing preclinical degraders for historically difficult targets such as ARID1B, EP300, and CBP. With a cash runway extending into 2028, Foghorn is well-positioned to advance its pipeline and explore strategic partnerships, further supporting the Buy rating given by Prendergast.
In another report released on November 17, H.C. Wainwright also reiterated a Buy rating on the stock with a $13.00 price target.