Foghorn Therapeutics (NASDAQ:FHTX) Given Buy Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research note published on Tuesday,Benzinga reports. They currently have a $13.00 price objective on the stock.

A number of other analysts have also issued reports on FHTX. BTIG Research assumed coverage on Foghorn Therapeutics in a research note on Thursday, December 18th. They set a “buy” rating and a $11.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Thursday, January 22nd. Stifel Nicolaus started coverage on Foghorn Therapeutics in a research report on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price target on the stock. Wall Street Zen raised shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, December 20th. Finally, Jefferies Financial Group began coverage on shares of Foghorn Therapeutics in a research report on Tuesday, February 17th. They issued a “buy” rating and a $12.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.13.

Foghorn Therapeutics Price Performance

NASDAQ:FHTX opened at $5.49 on Tuesday. The company has a market cap of $310.46 million, a P/E ratio of -4.86 and a beta of 3.02. The stock’s fifty day moving average price is $5.67 and its two-hundred day moving average price is $5.05. Foghorn Therapeutics has a 1 year low of $2.94 and a 1 year high of $6.95.

Institutional Investors Weigh In On Foghorn Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. increased its stake in Foghorn Therapeutics by 4.0% in the 3rd quarter. Raymond James Financial Inc. now owns 2,462,488 shares of the company’s stock worth $12,042,000 after acquiring an additional 95,196 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Foghorn Therapeutics by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,899,457 shares of the company’s stock valued at $9,288,000 after acquiring an additional 14,784 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of 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 acquiring an additional 116,979 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Foghorn Therapeutics by 151.8% during the 4th quarter. Renaissance Technologies LLC now owns 297,736 shares of the company’s stock valued at $1,608,000 after acquiring an additional 179,500 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Foghorn Therapeutics by 46.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 269,186 shares of the company’s stock worth $1,454,000 after purchasing an additional 85,123 shares in the last quarter. Institutional investors own 61.55% of the company’s stock.

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.