Foghorn Therapeutics (NASDAQ:FHTX) Receives Buy Rating from HC Wainwright

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $13.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 188.89% from the company’s current price.

A number of other research firms have also weighed in on FHTX. B. Riley assumed coverage on shares of Foghorn Therapeutics in a research note on Thursday, January 30th. They set a “buy” rating and a $10.00 price objective for the company. Jefferies Financial Group reduced their price target on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Foghorn Therapeutics has a consensus rating of “Buy” and a consensus price target of $13.17.

Foghorn Therapeutics Stock Down 3.6 %

Foghorn Therapeutics stock opened at $4.50 on Friday. Foghorn Therapeutics has a twelve month low of $3.86 and a twelve month high of $10.25. The company has a market capitalization of $250.25 million, a P/E ratio of -2.34 and a beta of 3.13. The stock’s 50 day moving average is $4.72 and its 200 day moving average is $6.74.

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. As a group, equities analysts expect that Foghorn Therapeutics will post -1.55 EPS for the current year.

Institutional Trading of Foghorn Therapeutics

Institutional investors have recently made changes to their positions in the stock. Deerfield Management Company L.P. Series C lifted its position in Foghorn Therapeutics by 7.5% during the fourth quarter. Deerfield Management Company L.P. Series C now owns 3,255,514 shares of the company’s stock valued at $15,366,000 after purchasing an additional 227,628 shares during the period. Raymond James Financial Inc. bought a new position in shares of Foghorn Therapeutics during the 4th quarter valued at $9,579,000. Geode Capital Management LLC boosted its stake in shares of Foghorn Therapeutics by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 682,863 shares of the company’s stock worth $3,224,000 after buying an additional 5,477 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Foghorn Therapeutics by 58.8% in the 4th quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company’s stock worth $2,996,000 after buying an additional 235,059 shares during the last quarter. Finally, State Street Corp lifted its holdings in Foghorn Therapeutics by 4.9% in the third quarter. State Street Corp now owns 505,945 shares of the company’s stock valued at $4,710,000 after acquiring an additional 23,630 shares during the period. Hedge funds and other institutional investors own 61.55% of the company’s stock.

About Foghorn Therapeutics

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.