Foghorn Therapeutics (NASDAQ:FHTX) Stock Price Up 4.1% – Here’s What Happened

Foghorn Therapeutics Inc. (NASDAQ:FHTX)’s share price was up 4.1% during trading on Monday . The stock traded as high as $3.70 and last traded at $3.59. Approximately 91,935 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 137,391 shares. The stock had previously closed at $3.45.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FHTX. B. Riley started coverage on shares of Foghorn Therapeutics in a report on Thursday, January 30th. They set a “buy” rating and a $10.00 target price for the company. Jefferies Financial Group dropped their price target on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research report on Friday, March 7th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $13.17.

Foghorn Therapeutics Stock Performance

The business’s 50 day moving average is $4.42 and its 200-day moving average is $5.75. The stock has a market cap of $199.65 million, a price-to-earnings ratio of -1.87 and a beta of 3.16.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Thursday, March 6th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.13. The company had revenue of $2.86 million for the quarter, compared to analysts’ expectations of $8.56 million. Sell-side analysts anticipate that Foghorn Therapeutics Inc. will post -1.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHTX. Wellington Management Group LLP raised its position in shares of Foghorn Therapeutics by 20.6% in the fourth quarter. Wellington Management Group LLP now owns 87,069 shares of the company’s stock valued at $411,000 after buying an additional 14,853 shares during the last quarter. Sherbrooke Park Advisers LLC lifted its stake in Foghorn Therapeutics by 22.2% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 15,617 shares of the company’s stock worth $74,000 after purchasing an additional 2,841 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Foghorn Therapeutics by 58.8% during the 4th quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company’s stock worth $2,996,000 after purchasing an additional 235,059 shares during the last quarter. Millennium Management LLC grew its position in shares of Foghorn Therapeutics by 58.8% in the fourth quarter. Millennium Management LLC now owns 92,640 shares of the company’s stock valued at $437,000 after purchasing an additional 34,306 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Foghorn Therapeutics in the fourth quarter valued at approximately $49,000. 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.