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

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have received a consensus rating of “Buy” from the six ratings firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $13.17.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp raised its holdings in shares of Foghorn Therapeutics by 4.9% during the third quarter. State Street Corp now owns 505,945 shares of the company’s stock valued at $4,710,000 after buying an additional 23,630 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Foghorn Therapeutics by 10.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company’s stock valued at $703,000 after acquiring an additional 7,000 shares in the last quarter. Barclays PLC boosted its position in Foghorn Therapeutics by 191.6% during the 3rd quarter. Barclays PLC now owns 39,920 shares of the company’s stock worth $371,000 after acquiring an additional 26,228 shares during the period. Geode Capital Management LLC grew its stake in shares of Foghorn Therapeutics by 27.5% in the third quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock worth $6,308,000 after purchasing an additional 146,276 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Foghorn Therapeutics during the third quarter valued at $101,000. 61.55% of the stock is owned by institutional investors and hedge funds.

Foghorn Therapeutics Stock Up 1.8 %

Shares of Foghorn Therapeutics stock opened at $3.88 on Friday. The business has a 50-day moving average price of $4.64 and a 200 day moving average price of $6.37. Foghorn Therapeutics has a fifty-two week low of $3.75 and a fifty-two week high of $10.25. The firm has a market cap of $215.77 million, a P/E ratio of -2.02 and a beta of 3.13.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.13. The firm had revenue of $2.86 million during the quarter, compared to the consensus estimate of $8.56 million. As a group, equities research analysts anticipate that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

About Foghorn Therapeutics

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.