Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Average Rating of “Buy” from Analysts

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been given a consensus recommendation of “Buy” by the eight research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $12.13.

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

Foghorn Therapeutics Trading Down 7.3 %

Foghorn Therapeutics stock opened at $4.20 on Friday. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $10.25. The stock’s fifty day simple moving average is $3.99 and its 200-day simple moving average is $5.30. The firm has a market capitalization of $234.03 million, a P/E ratio of -2.19 and a beta of 3.13.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Thursday, March 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.13. The company had revenue of $2.86 million during the quarter, compared to analyst estimates of $8.56 million. Sell-side analysts predict that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC raised its stake in shares of Foghorn Therapeutics by 12.4% in the 4th quarter. Hsbc Holdings PLC now owns 18,728 shares of the company’s stock valued at $88,000 after acquiring an additional 2,061 shares in the last quarter. Sherbrooke Park Advisers LLC lifted its stake in shares of Foghorn Therapeutics by 22.2% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 15,617 shares of the company’s stock valued at $74,000 after buying an additional 2,841 shares during the period. Northern Trust Corp grew its holdings in shares of Foghorn Therapeutics by 1.1% during the 4th quarter. Northern Trust Corp now owns 253,671 shares of the company’s stock worth $1,197,000 after purchasing an additional 2,873 shares in the last quarter. Rhumbline Advisers boosted its stake in Foghorn Therapeutics by 9.1% during the fourth quarter. Rhumbline Advisers now owns 36,384 shares of the company’s stock worth $172,000 after buying an additional 3,049 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Foghorn Therapeutics by 33.3% during the fourth quarter. Wells Fargo & Company MN now owns 15,841 shares of the company’s stock worth $75,000 after purchasing an additional 3,958 shares during the period. 61.55% of the stock is currently owned by institutional investors and hedge funds.

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.