B. Riley Upgrades Foghorn Therapeutics (NASDAQ:FHTX) to “Strong-Buy”

Foghorn Therapeutics (NASDAQ:FHTX) was upgraded by B. Riley to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group cut their price objective on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price target (down previously from $20.00) on shares of Foghorn Therapeutics in a report on Tuesday, December 17th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $13.17.

Foghorn Therapeutics Stock Performance

Shares of FHTX stock opened at $4.34 on Wednesday. Foghorn Therapeutics has a fifty-two week low of $2.70 and a fifty-two week high of $10.25. The firm has a market capitalization of $241.35 million, a P/E ratio of -2.26 and a beta of 3.21. The stock’s fifty day moving average is $5.39 and its two-hundred day moving average is $6.93.

Institutional Investors Weigh In On Foghorn Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FHTX. Geode Capital Management LLC increased its position in shares of Foghorn Therapeutics by 27.5% during the 3rd quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock worth $6,308,000 after purchasing an additional 146,276 shares during the last quarter. State Street Corp boosted its position in shares of Foghorn Therapeutics by 4.9% during the 3rd quarter. State Street Corp now owns 505,945 shares of the company’s stock worth $4,710,000 after purchasing an additional 23,630 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Foghorn Therapeutics by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company’s stock valued at $703,000 after purchasing an additional 7,000 shares during the last quarter. Wellington Management Group LLP raised its position in Foghorn Therapeutics by 64.9% in the third quarter. Wellington Management Group LLP now owns 72,216 shares of the company’s stock valued at $672,000 after purchasing an additional 28,427 shares during the period. Finally, Walleye Capital LLC raised its holdings in shares of Foghorn Therapeutics by 162.0% in the 3rd quarter. Walleye Capital LLC now owns 44,927 shares of the company’s stock valued at $418,000 after buying an additional 27,782 shares during the period. Institutional investors and hedge funds 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.