JMP Securities Reaffirms “Market Outperform” Rating for Foghorn Therapeutics (NASDAQ:FHTX)

JMP Securities reaffirmed their market outperform rating on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research report report published on Thursday,Benzinga reports. They currently have a $9.00 price target on the stock.

A number of other research firms also recently issued reports on FHTX. Citigroup assumed coverage on shares of Foghorn Therapeutics in a report on Wednesday, April 23rd. They set an “outperform” rating for the company. B. Riley initiated 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. HC Wainwright reiterated a “buy” rating and issued a $13.00 target price on shares of Foghorn Therapeutics in a research report on Wednesday, April 30th. Finally, Citizens Jmp assumed coverage on Foghorn Therapeutics in a report on Wednesday, April 23rd. They set a “mkt outperform” rating and a $9.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $12.13.

Foghorn Therapeutics Price Performance

FHTX opened at $4.31 on Thursday. Foghorn Therapeutics has a fifty-two week low of $2.94 and a fifty-two week high of $10.25. The firm has a market capitalization of $240.16 million, a PE ratio of -2.24 and a beta of 3.13. The company’s 50-day moving average is $3.98 and its 200 day moving average is $5.20.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.30) earnings per share for the quarter, meeting the consensus estimate of ($0.30). The company had revenue of $5.95 million for the quarter, compared to the consensus estimate of $4.96 million. As a group, analysts expect that Foghorn Therapeutics will post -1.55 EPS for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC grew its position in shares of Foghorn Therapeutics by 191.6% in the 3rd quarter. Barclays PLC now owns 39,920 shares of the company’s stock worth $371,000 after buying an additional 26,228 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Foghorn Therapeutics by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 682,863 shares of the company’s stock valued at $3,224,000 after acquiring an additional 5,477 shares in the last quarter. JPMorgan Chase & Co. increased its position in Foghorn Therapeutics by 415.5% during the 4th quarter. JPMorgan Chase & Co. now owns 56,531 shares of the company’s stock valued at $267,000 after purchasing an additional 45,565 shares during the period. Rhumbline Advisers raised its holdings in Foghorn Therapeutics by 9.1% in the 4th quarter. Rhumbline Advisers now owns 36,384 shares of the company’s stock worth $172,000 after purchasing an additional 3,049 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Foghorn Therapeutics by 20.6% in the 4th quarter. Wellington Management Group LLP now owns 87,069 shares of the company’s stock worth $411,000 after purchasing an additional 14,853 shares during the period. 61.55% of the stock is owned by 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.