Foghorn Therapeutics Inc. (NASDAQ:FHTX) Given Average Recommendation of “Buy” by Analysts

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been assigned an average rating of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $12.13.

FHTX has been the subject of a number of recent analyst reports. Citigroup started coverage on Foghorn Therapeutics in a research report on Wednesday, April 23rd. They issued an “outperform” rating for the company. B. Riley started coverage on shares of Foghorn Therapeutics in a report on Thursday, January 30th. They issued a “buy” rating and a $10.00 price target for the company. Citizens Jmp started coverage on shares of Foghorn Therapeutics in a report on Wednesday, April 23rd. They set a “mkt outperform” rating and a $9.00 price objective on the stock. JMP Securities reiterated a “market outperform” rating and issued a $9.00 target price on shares of Foghorn Therapeutics in a research report on Wednesday, April 30th. Finally, HC Wainwright restated a “buy” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research report on Wednesday, April 30th.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of large investors have recently made changes to their positions in FHTX. Wellington Management Group LLP boosted its stake in Foghorn Therapeutics by 18.2% during the first quarter. Wellington Management Group LLP now owns 102,888 shares of the company’s stock worth $376,000 after buying an additional 15,819 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of Foghorn Therapeutics by 9.3% during the 1st quarter. Raymond James Financial Inc. now owns 2,218,352 shares of the company’s stock worth $8,097,000 after acquiring an additional 188,969 shares during the period. Nuveen LLC acquired a new position in shares of Foghorn Therapeutics during the 1st quarter valued at about $221,000. Deutsche Bank AG boosted its position in shares of Foghorn Therapeutics by 69.7% during the 1st quarter. Deutsche Bank AG now owns 20,890 shares of the company’s stock valued at $76,000 after acquiring an additional 8,580 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Foghorn Therapeutics by 53.1% in the first quarter. Exchange Traded Concepts LLC now owns 27,693 shares of the company’s stock valued at $101,000 after purchasing an additional 9,608 shares during the period. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX opened at $4.11 on Friday. The company has a market capitalization of $229.01 million, a PE ratio of -2.14 and a beta of 3.13. The company’s fifty day moving average price is $3.98 and its 200 day moving average price is $5.23. Foghorn Therapeutics has a 1 year low of $2.94 and a 1 year high of $10.25.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Wednesday, May 14th. The company reported ($0.30) EPS for the quarter, meeting analysts’ consensus estimates of ($0.30). The business had revenue of $5.95 million for the quarter, compared to analyst estimates of $4.96 million. On average, equities analysts expect that Foghorn Therapeutics will post -1.55 EPS for the current year.

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.