Foghorn Therapeutics initiated with a Buy at Stifel

Stifel initiated coverage of Foghorn Therapeutics (FHTX) with a Buy rating and $12 price target. Lead asset FHD-909, partnered 50/50 with Eli Lilly (LLY), expects initial data in 2026, notes the analyst, who models a 2030 launch and about $1.4B in global peak sales, including about $500M to Foghorn. The company’s cash runway extends into 2028, well past initial FHD-909 proof-of-concept data and likely the first degrader data set, the analyst tells investors.