Analyst Andres Y. Maldonado of H.C. Wainwright reiterated a Buy rating on Foghorn Therapeutics, retaining the price target of $13.00.
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Andres Y. Maldonado has given his Buy rating due to a combination of factors that highlight Foghorn Therapeutics’ strategic approach in drug development. The company has developed a robust platform focusing on protein degraders, which are designed to induce rapid and sustained protein loss, overcoming challenges like the hook effect that have hindered other degraders. This approach ensures that their candidates maintain efficacy across a broad range of doses, which is crucial for successful clinical outcomes.
Additionally, Foghorn’s focus on targets where selective inhibitors face limitations, such as proteins lacking enzymatic pockets or those prone to mutational escape, demonstrates their strategic alignment of modality to target. Their lead asset, FHD-909, exemplifies this strategy by exploiting a synthetic lethal relationship, a method proven successful in other contexts. Maldonado’s confidence in Foghorn’s scientific rigor and precision in advancing candidates that address historical challenges in the field underpins his Buy rating and the $13 price target.
In another report released on November 7, Guggenheim also initiated coverage with a Buy rating on the stock with a $12.00 price target.