Morgan Stanley Lowers Foghorn Therapeutics (NASDAQ:FHTX) Price Target to $6.00

Foghorn Therapeutics (NASDAQ:FHTX) had its target price lowered by research analysts at Morgan Stanley from $10.00 to $6.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 51.52% from the stock’s previous close.

Separately, HC Wainwright reiterated a “buy” rating and set a $20.00 target price on shares of Foghorn Therapeutics in a research note on Monday, August 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.83.

Foghorn Therapeutics Price Performance

Shares of NASDAQ FHTX opened at $3.96 on Monday. The firm’s 50 day simple moving average is $4.62 and its two-hundred day simple moving average is $6.62. Foghorn Therapeutics has a one year low of $2.84 and a one year high of $9.97. The stock has a market capitalization of $167.18 million, a P/E ratio of -1.61 and a beta of 2.47.

Hedge Funds Weigh In On Foghorn Therapeutics

Several hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in Foghorn Therapeutics by 300.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,921 shares of the company’s stock worth $25,000 after buying an additional 3,692 shares during the last quarter. UBS Group AG purchased a new stake in shares of Foghorn Therapeutics in the fourth quarter valued at $32,000. Wells Fargo & Company MN grew its position in Foghorn Therapeutics by 1,368.4% during the fourth quarter. Wells Fargo & Company MN now owns 5,389 shares of the company’s stock valued at $34,000 after acquiring an additional 5,022 shares during the period. 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. Finally, Citigroup Inc. boosted its holdings in Foghorn Therapeutics by 1,321.0% in the second quarter. Citigroup Inc. now owns 6,778 shares of the company’s stock valued at $48,000 after purchasing an additional 6,301 shares during the last quarter. Institutional investors and hedge funds own 63.94% of the company’s stock.

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. The company uses its proprietary Gene Traffic Control platform to identify, validate, and potentially drug targets within the system.