Foghorn Therapeutics (NASDAQ:FHTX) Price Target Lowered to $20.00 at Wedbush

Foghorn Therapeutics (NASDAQ:FHTX – Get Rating) had its price objective reduced by Wedbush from $25.00 to $20.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the stock. Wedbush also issued estimates for Foghorn Therapeutics’ Q1 2024 earnings at ($0.41) EPS, Q2 2024 earnings at ($0.42) EPS, Q3 2024 earnings at ($0.46) EPS, Q4 2024 earnings at ($0.49) EPS and FY2027 earnings at $4.14 EPS.

A number of other equities research analysts have also recently commented on FHTX. Morgan Stanley lowered their price objective on shares of Foghorn Therapeutics from $15.00 to $14.00 and set an equal weight rating on the stock in a research note on Monday, November 21st. HC Wainwright reaffirmed a buy rating and issued a $25.00 price objective on shares of Foghorn Therapeutics in a research report on Friday. Finally, BMO Capital Markets started coverage on Foghorn Therapeutics in a research report on Thursday, January 5th. They issued an outperform rating and a $20.00 price objective for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $20.00.

Foghorn Therapeutics Stock Performance

FHTX stock opened at $5.21 on Friday. Foghorn Therapeutics has a one year low of $4.51 and a one year high of $18.12. The company has a fifty day moving average of $6.96 and a 200-day moving average of $7.66. The stock has a market capitalization of $217.78 million, a PE ratio of -1.99 and a beta of 2.15.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its position in Foghorn Therapeutics by 40.8% during the fourth quarter. Millennium Management LLC now owns 183,767 shares of the company’s stock valued at $1,172,000 after acquiring an additional 53,266 shares during the period. Man Group plc acquired a new position in shares of Foghorn Therapeutics during the fourth quarter worth about $101,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Foghorn Therapeutics by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 54,929 shares of the company’s stock worth $350,000 after purchasing an additional 1,826 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Foghorn Therapeutics by 1,368.4% during the fourth quarter. Wells Fargo & Company MN now owns 5,389 shares of the company’s stock worth $34,000 after purchasing an additional 5,022 shares in the last quarter. Finally, Barclays PLC lifted its stake in shares of Foghorn Therapeutics by 533.5% during the fourth quarter. Barclays PLC now owns 5,397 shares of the company’s stock worth $34,000 after purchasing an additional 4,545 shares in the last quarter. Hedge funds and other institutional investors own 62.64% of the company’s stock.

Foghorn Therapeutics Company Profile

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