Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Average Recommendation of “Buy” from Analysts

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have earned an average recommendation of “Buy” from the six brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $13.17.

Several brokerages recently issued reports on FHTX. B. Riley initiated coverage on Foghorn Therapeutics in a research report on Thursday, January 30th. They issued a “buy” rating and a $10.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $13.00 price target on shares of Foghorn Therapeutics in a report on Friday, March 7th. Finally, Jefferies Financial Group lowered their price objective on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, December 16th.

Institutional Trading of Foghorn Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new position in Foghorn Therapeutics in the fourth quarter valued at $9,579,000. Point72 Asset Management L.P. grew its holdings in shares of Foghorn Therapeutics by 58.8% in the 4th quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company’s stock valued at $2,996,000 after acquiring an additional 235,059 shares in the last quarter. Deerfield Management Company L.P. Series C increased its position in shares of Foghorn Therapeutics by 7.5% in the fourth quarter. Deerfield Management Company L.P. Series C now owns 3,255,514 shares of the company’s stock valued at $15,366,000 after acquiring an additional 227,628 shares during the last quarter. DAFNA Capital Management LLC increased its position in shares of Foghorn Therapeutics by 395.7% in the fourth quarter. DAFNA Capital Management LLC now owns 186,717 shares of the company’s stock valued at $881,000 after acquiring an additional 149,053 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Foghorn Therapeutics by 27.5% during the third quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock worth $6,308,000 after acquiring an additional 146,276 shares in the last quarter. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Foghorn Therapeutics Stock Performance

FHTX opened at $3.59 on Tuesday. The firm’s fifty day moving average is $4.42 and its two-hundred day moving average is $5.75. The firm has a market cap of $199.65 million, a PE ratio of -1.87 and a beta of 3.16. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $10.25.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Thursday, March 6th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.13. The business had revenue of $2.86 million for the quarter, compared to the consensus estimate of $8.56 million. Equities analysts forecast that Foghorn Therapeutics will post -1.55 EPS for the current fiscal year.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of medicines targeting genetically determined dependencies within the chromatin regulatory system in the United States. The company uses its proprietary Gene Traffic Control platform to identify, validate, and potentially drug targets within the system.