Andrew Fein, an analyst from H.C. Wainwright, reiterated the Buy rating on Foghorn Therapeutics (FHTX – Research Report). The associated price target is $20.00.
Andrew Fein’s rating is based on the potential of Foghorn Therapeutics’ lead drug candidate, FHD-286, and its unique mechanism of action (MOA) in treating acute myeloid leukemia (AML). The anticipation of a significant update in the second half of 2024 for FHD-286’s AML application reinforces the optimism. The innovative MOA targets subunits within the BAF complex, which could offer a considerable opportunity in a competitive landscape. Additionally, the initiation of a Phase 1 study combining FHD-286 with decitabine or cytarabine in relapsed/refractory AML, excluding myelodysplastic syndrome patients and incorporating cytoreductive agents, addresses previous safety concerns and outlines a clearer path forward for the drug’s development.
Moreover, recent findings highlight FHD-286’s exciting role in combating tyrosine kinase inhibitor (TKI) resistance, particularly in EGFR/KRAS-driven tumors. Studies have shown that targeting mammalian SWI/SNF chromatin remodeling complexes can reverse resistance to osimertinib, an EGFR inhibitor used in lung cancer treatment. Preclinical data suggest that combining FHD-286 with osimertinib significantly suppresses tumor growth in vivo, which is promising for overcoming resistance mechanisms. This positions FHD-286 as a potentially valuable asset in a growing market of combination therapies for resistant cancers, further justifying the Buy rating and $20 price target.
Fein covers the Healthcare sector, focusing on stocks such as Blueprint Medicines, Denali Therapeutics, and Kymera Therapeutics. According to TipRanks, Fein has an average return of 17.5% and a 51.63% success rate on recommended stocks.
See today’s best-performing stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Foghorn Therapeutics (FHTX) Company Description:
Foghorn Therapeutics Inc is engaged in discovery and development of a new class of medicines targeting genetically determined dependencies within the chromatin regulatory system, an untapped opportunity for therapeutic intervention. Its proprietary Gene Traffic Control platform gives us an integrated, mechanistic understanding of how the various components of the chromatin regulatory system interact, allowing it to identify, validate and potentially drug targets within the system. The company is developing FHD-286, a selective, allosteric ATPase inhibitor, and FHD-609, a protein degrader, to treat hematologic cancers and solid tumors.
Read More on FHTX:
- Foghorn Therapeutics Unveils New Investor Presentation
- Foghorn Therapeutics Provides Financial Update for 2023 and 2024 Strategic Outlook
- Foghorn Therapeutics, Eli Lilly to present new preclinical data at AACR
- Foghorn Therapeutics to Present New Preclinical Data at 2024 AACR Annual Meeting, Reflecting Advances with Multiple Potential First-in-Class Medicines, including the Selective Inhibitor of BRM, FHD-909
- Is FHTX a Buy, Before Earnings?
