Jefferies is bullish on Foghorn Therapeutics stock, citing cancer treatment advance By Investing.com
On Tuesday, investment firm Jefferies began covering the stock of Foghorn Therapeutics (NASDAQ:FHTX), a biotechnology company focused on developing cancer treatments. The company issued a buy rating, consistent with a $18.00 target price.
Foghorn Therapeutics is known for its innovative approach to drug development, particularly its work on the chromatin regulatory machinery to treat various types of cancer.
Among its notable developments is FHD-909, an oral BRM inhibitor currently in clinical trials, designed to treat non-small cell lung cancer (NSCLC). The synthetic method of execution of the drug and its potential for wide market use are highlighted as positive aspects.
Additionally, another compound in the Foghorn pipeline, FHD-286, is a dual BRG1/BRM inhibitor that has shown early activity in refractory/relapsed acute myeloid leukemia (r/r AML). The expectation of first compound data in the fourth quarter is considered an important event that will inform the next steps in drug development.
The target price of $18.00 reflects confidence in Foghorn Therapeutics' prospects and its strategy to address cancer treatment through its novel drug candidates. The company's development and future developments in its clinical programs are closely watched by investors and industry observers.
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