Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $10.67 Average PT from Brokerages

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been assigned an average rating of “Buy” from the six analysts that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $10.6667.

Separately, B. Riley began coverage on Foghorn Therapeutics in a report on Wednesday. They issued a “buy” rating and a $10.00 target price for the company.

Foghorn Therapeutics Stock Performance

FHTX opened at $5.02 on Wednesday. The business has a 50 day moving average price of $5.38 and a 200 day moving average price of $4.65. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $10.25. The firm has a market cap of $283.78 million, a P/E ratio of -4.22 and a beta of 3.05.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03. The company had revenue of $7.56 million during the quarter, compared to analyst estimates of $7.62 million. As a group, analysts anticipate that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FHTX. Northern Trust Corp increased its position in Foghorn Therapeutics by 1.1% in the 4th quarter. Northern Trust Corp now owns 253,671 shares of the company’s stock worth $1,197,000 after buying an additional 2,873 shares during the period. BNP Paribas Financial Markets bought a new position in Foghorn Therapeutics in the 4th quarter worth approximately $61,000. Bank of America Corp DE increased its position in Foghorn Therapeutics by 14.5% in the 4th quarter. Bank of America Corp DE now owns 31,662 shares of the company’s stock worth $149,000 after buying an additional 4,002 shares during the period. Cubist Systematic Strategies LLC bought a new position in Foghorn Therapeutics in the 4th quarter worth approximately $51,000. Finally, D. E. Shaw & Co. Inc. increased its position in Foghorn Therapeutics by 44.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 100,367 shares of the company’s stock worth $474,000 after buying an additional 30,671 shares during the period. 61.55% of the stock is owned by institutional investors.

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.