Why Foghorn Therapeutics (FHTX) Stock Is Exploding Higher

Foghorn Therapeutics Inc. FHTX shares are trading higher by 44.8% to $4.52 during Thursday’s session after the company announced that Eli Lilly And Co LLY has chosen FHD-909, an oral BRM selective inhibitor, for clinical development.

Foghorn says the drug targets BRG1 mutated non-small cell lung cancer (NSCLC). Selective BRM inhibition is a promising strategy in cancer research, particularly for tumor types like NSCLC with BRG1 mutations, as it can cause tumor cell death while sparing healthy cells. T

This development follows a collaboration between Foghorn and Lilly established in December 2021, aiming to create novel oncology medicines. The collaboration includes co-development and co-commercialization agreements, along with utilizing Foghorn’s Gene Traffic Control platform for discovery programs.

Preclinical data will be presented at upcoming scientific conferences.

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Is FHTX A Good Stock To Buy?

Wall Street analysts view Foghorn Therapeutics on the whole as a Neutral, given the history of coverage over the past three months. Vikram Purohit from Morgan Stanley in Foghorn Therapeutics is the most bearish, expecting a 40.0% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Foghorn Therapeutics rose 29.47%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which rose 163.46% over the past year.

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According to data from Benzinga Pro, FHTX has a 52-week high of $9.97 and a 52-week low of $2.70.