Foghorn Therapeutics (NASDAQ:FHTX) Upgraded at B. Riley

B. Riley upgraded shares of Foghorn Therapeutics (NASDAQ:FHTX) to a strong-buy rating in a research report report published on Tuesday,Zacks.com reports.

Foghorn Therapeutics Stock Up 7.1%

FHTX stock opened at $5.14 on Tuesday. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $10.25. The company has a market cap of $290.56 million, a PE ratio of -4.32 and a beta of 3.05. The business’s 50-day simple moving average is $5.39 and its 200 day simple moving average is $4.65.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.03. The firm had revenue of $7.56 million for the quarter, compared to analyst estimates of $7.62 million. On average, equities research analysts anticipate that Foghorn Therapeutics will post -1.55 EPS for the current year.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. boosted its holdings in Foghorn Therapeutics by 9.3% during the first quarter. Raymond James Financial Inc. now owns 2,218,352 shares of the company’s stock valued at $8,097,000 after purchasing an additional 188,969 shares in the last quarter. DAFNA Capital Management LLC boosted its holdings in Foghorn Therapeutics by 63.2% during the first quarter. DAFNA Capital Management LLC now owns 304,752 shares of the company’s stock valued at $1,112,000 after purchasing an additional 118,035 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Foghorn Therapeutics by 16.9% during the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock valued at $3,797,000 after purchasing an additional 116,979 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in Foghorn Therapeutics during the second quarter valued at approximately $528,000. Finally, SCS Capital Management LLC acquired a new stake in Foghorn Therapeutics during the first quarter valued at approximately $390,000. 61.55% of the stock is owned by institutional investors and hedge funds.

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.