Foghorn Therapeutics initiated with an Outperform at Citizens JMP

Citizens JMP initiated coverage of Foghorn Therapeutics (FHTX) with an Outperform rating and $9 price target Foghorn is a clinical-stage biotechnology company focused on developing novel therapies for oncology based on targeting key components of the chromatin regulatory system, the analyst tells investors in a research note. The firm says the company is currently trading at cash, which is an opportunity to pick up a “pharma-backed technology company at a bargain.” A leader in chromatin remodeling biology, Foghorn has developed a proprietary Gene Traffic Control platform that enables the determination and validation of genetically determined dependencies, says Citizens.