Jefferies Financial Group Begins Coverage on Foghorn Therapeutics (NASDAQ:FHTX)

Investment analysts at Jefferies Financial Group assumed coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research note issued on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $12.00 price target on the stock. Jefferies Financial Group’s price objective points to a potential upside of 112.01% from the stock’s previous close.

FHTX has been the topic of several other research reports. Wall Street Zen upgraded shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Guggenheim began coverage on shares of Foghorn Therapeutics in a research report on Friday, November 7th. They issued a “buy” rating and a $12.00 price objective on the stock. BTIG Research initiated coverage on shares of Foghorn Therapeutics in a research note on Thursday, December 18th. They set a “buy” rating and a $11.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Thursday, January 22nd. Finally, Stifel Nicolaus began coverage on Foghorn Therapeutics in a research report on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $11.13.

Foghorn Therapeutics Trading Up 1.8%

FHTX opened at $5.66 on Tuesday. The company has a market cap of $320.07 million, a P/E ratio of -5.01 and a beta of 3.02. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $6.95. The business’s 50-day moving average price is $5.49 and its 200-day moving average price is $4.99.

Institutional Trading of Foghorn Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd purchased a new position in Foghorn Therapeutics during the 4th quarter valued at about $85,000. Millennium Management LLC lifted its holdings in shares of Foghorn Therapeutics by 16.7% during the fourth quarter. Millennium Management LLC now owns 208,565 shares of the company’s stock valued at $1,126,000 after purchasing an additional 29,774 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Foghorn Therapeutics in the 4th quarter worth approximately $130,000. Public Employees Retirement System of Ohio grew its stake in shares of Foghorn Therapeutics by 350.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 14,269 shares of the company’s stock worth $77,000 after buying an additional 11,100 shares during the last quarter. Finally, Persistent Asset Partners Ltd increased its position in Foghorn Therapeutics by 311.7% during the 4th quarter. Persistent Asset Partners Ltd now owns 47,108 shares of the company’s stock valued at $254,000 after buying an additional 35,667 shares in the last quarter. 61.55% of the stock is owned by hedge funds and other institutional investors.

About Foghorn Therapeutics

Foghorn Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of novel epigenetic therapies for cancer. The company leverages its proprietary Targeted Protein Discovery Platform to identify and design small-molecule inhibitors that modulate chromatin regulatory proteins involved in tumor growth and survival. By targeting the mechanisms that control gene expression, Foghorn seeks to address unmet needs in oncology through precision medicine.

The company’s lead candidate, FHD-286, is a selective inhibitor of variant SWI/SNF chromatin remodeling complexes and is currently being evaluated in Phase 1 clinical trials for patients with solid tumors harboring specific SMARCA2 and SMARCA4 alterations.