Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $11.00 Average Price Target from Brokerages

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has received an average rating of “Buy” from the eight research firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $11.00.

A number of equities research analysts have recently commented on FHTX shares. Wedbush reissued an “outperform” rating and issued a $10.00 target price on shares of Foghorn Therapeutics in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Wednesday, October 8th. Guggenheim started coverage on shares of Foghorn Therapeutics in a research note on Friday, November 7th. They set a “buy” rating and a $12.00 price objective for the company. Finally, B. Riley assumed coverage on shares of Foghorn Therapeutics in a research note on Wednesday, September 17th. They issued a “buy” rating and a $10.00 target price on the stock.

Foghorn Therapeutics Price Performance

NASDAQ:FHTX opened at $4.53 on Thursday. The firm has a market capitalization of $256.17 million, a P/E ratio of -4.01 and a beta of 3.02. Foghorn Therapeutics has a one year low of $2.94 and a one year high of $9.33. The company’s 50-day simple moving average is $4.59 and its 200 day simple moving average is $4.78.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its earnings results on Wednesday, November 5th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.06. The business had revenue of $8.15 million for the quarter, compared to the consensus estimate of $6.20 million. On average, equities research analysts expect that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd bought a new stake in shares of Foghorn Therapeutics in the 3rd quarter worth $56,000. Readystate Asset Management LP bought a new stake in Foghorn Therapeutics in the 3rd quarter worth about $788,000. Vanguard Group Inc. raised its position in Foghorn Therapeutics by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 1,899,457 shares of the company’s stock worth $9,288,000 after buying an additional 14,784 shares during the last quarter. ProShare Advisors LLC bought a new position in Foghorn Therapeutics during the 3rd quarter valued at about $74,000. Finally, Alta Wealth Advisors LLC purchased a new stake in shares of Foghorn Therapeutics during the 3rd quarter valued at about $49,000. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

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.