Foghorn Therapeutics (NASDAQ:FHTX) Earns Buy Rating from Analysts at Guggenheim

Guggenheim initiated coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a report released on Friday morning, MarketBeat.com reports. The firm issued a buy rating and a $12.00 price objective on the stock.

Several other equities research analysts also recently weighed in on FHTX. Wedbush reissued an “outperform” rating and issued a $10.00 price objective on shares of Foghorn Therapeutics in a report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Wednesday, October 8th. Finally, B. Riley initiated coverage on Foghorn Therapeutics in a research report on Wednesday, September 17th. They issued a “buy” rating and a $10.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Foghorn Therapeutics presently has a consensus rating of “Buy” and an average target price of $11.00.

Foghorn Therapeutics Price Performance

NASDAQ:FHTX opened at $4.36 on Friday. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $9.70. The firm has a market capitalization of $246.56 million, a PE ratio of -3.86 and a beta of 3.02. The business’s fifty day moving average price is $4.64 and its 200 day moving average price is $4.78.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Wednesday, November 5th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.06. The firm had revenue of $8.15 million during the quarter, compared to analysts’ expectations of $6.20 million. As a group, equities analysts anticipate that Foghorn Therapeutics will post -1.55 EPS for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in shares of Foghorn Therapeutics by 16.1% in the second quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock valued at $88,000 after purchasing an additional 2,597 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Foghorn Therapeutics by 18.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock worth $84,000 after buying an additional 2,812 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Foghorn Therapeutics by 136.8% in the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock valued at $43,000 after buying an additional 5,323 shares during the last quarter. Evelyn Partners Asset Management Ltd acquired a new position in shares of Foghorn Therapeutics in the second quarter valued at approximately $33,000. Finally, Bank of America Corp DE lifted its stake in shares of Foghorn Therapeutics by 31.3% during the second quarter. Bank of America Corp DE now owns 31,297 shares of the company’s stock valued at $147,000 after buying an additional 7,462 shares during the period. 61.55% of the stock is 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.