Analysts Set Foghorn Therapeutics Inc. (NASDAQ:FHTX) Target Price at $11.00

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been given a consensus rating of “Buy” by the six ratings firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $11.00.

FHTX has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Wednesday, October 8th. B. Riley initiated coverage on Foghorn Therapeutics in a research report on Wednesday, September 17th. They set a “buy” rating and a $10.00 target price on the stock.

Foghorn Therapeutics Price Performance

Shares of NASDAQ:FHTX opened at $4.35 on Friday. The business’s 50-day moving average is $4.98 and its 200 day moving average is $4.70. Foghorn Therapeutics has a 1 year low of $2.94 and a 1 year high of $9.70. The firm has a market capitalization of $245.91 million, a P/E ratio of -3.66 and a beta of 3.03.

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

Institutional Trading of Foghorn Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. grew its stake in Foghorn Therapeutics by 6.7% during the 2nd quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock valued at $11,126,000 after purchasing an additional 148,940 shares during the last quarter. Geode Capital Management LLC grew its stake in Foghorn Therapeutics by 16.9% during the 2nd 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 during the last quarter. DAFNA Capital Management LLC grew its stake in Foghorn Therapeutics by 63.2% during the 1st 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 during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Foghorn Therapeutics by 8.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 241,816 shares of the company’s stock valued at $883,000 after purchasing an additional 18,036 shares during the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in Foghorn Therapeutics during the 2nd quarter valued at about $528,000. Hedge funds and other institutional investors own 61.55% 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 in the United States. The company uses its proprietary Gene Traffic Control platform to identify, validate, and potentially drug targets within the system.