Foghorn Therapeutics (NASDAQ:FHTX) Earns Buy Rating from HC Wainwright

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a research note issued on Tuesday,Benzinga reports. They presently have a $13.00 price target on the stock, down from their previous price target of $20.00. HC Wainwright’s price objective would indicate a potential upside of 164.77% from the stock’s previous close.

A number of other research analysts have also recently issued reports on FHTX. Jefferies Financial Group reduced their price objective on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday. Evercore ISI assumed coverage on Foghorn Therapeutics in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, Morgan Stanley lifted their price target on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.80.

Foghorn Therapeutics Stock Performance

FHTX stock opened at $4.91 on Tuesday. The firm has a market cap of $272.96 million, a P/E ratio of -2.56 and a beta of 3.10. The firm’s fifty day moving average is $7.60 and its 200 day moving average is $7.17. Foghorn Therapeutics has a 52 week low of $2.70 and a 52 week high of $10.25.

Insider Activity

In related news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $10.04, for a total transaction of $358,990.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 9.07% of the company’s stock.

Institutional Trading of Foghorn Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Raymond James & Associates raised its holdings in Foghorn Therapeutics by 4.8% in the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after purchasing an additional 107,967 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Foghorn Therapeutics by 30.7% during the second quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock valued at $457,000 after buying an additional 18,664 shares during the period. Rhumbline Advisers increased its position in shares of Foghorn Therapeutics by 34.3% during the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock valued at $206,000 after buying an additional 9,171 shares during the period. Renaissance Technologies LLC purchased a new stake in Foghorn Therapeutics in the second quarter worth about $62,000. Finally, Deerfield Management Company L.P. Series C purchased a new stake in Foghorn Therapeutics in the second quarter worth about $14,481,000. Institutional investors 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.