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

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been assigned a consensus recommendation of “Buy” from the six brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $13.17.

A number of equities research analysts have weighed in on FHTX shares. B. Riley began coverage on shares of Foghorn Therapeutics in a report on Thursday, January 30th. They issued a “buy” rating and a $10.00 price target for the company. Jefferies Financial Group cut their target price on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, December 16th. Finally, HC Wainwright restated a “buy” rating and issued a $13.00 price target on shares of Foghorn Therapeutics in a research report on Friday, March 7th.

Foghorn Therapeutics Price Performance

Shares of NASDAQ:FHTX opened at $3.88 on Friday. The stock has a market cap of $215.77 million, a price-to-earnings ratio of -2.02 and a beta of 3.13. Foghorn Therapeutics has a 12 month low of $3.75 and a 12 month high of $10.25. The stock’s 50 day moving average price is $4.64 and its 200 day moving average price is $6.37.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Deerfield Management Company L.P. Series C lifted its position in shares of Foghorn Therapeutics by 7.5% in the 4th quarter. Deerfield Management Company L.P. Series C now owns 3,255,514 shares of the company’s stock valued at $15,366,000 after acquiring an additional 227,628 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Foghorn Therapeutics in the fourth quarter valued at $9,579,000. Geode Capital Management LLC boosted its position in shares of Foghorn Therapeutics by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 682,863 shares of the company’s stock worth $3,224,000 after buying an additional 5,477 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Foghorn Therapeutics by 58.8% in the fourth quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company’s stock worth $2,996,000 after buying an additional 235,059 shares during the period. Finally, State Street Corp grew its holdings in shares of Foghorn Therapeutics by 4.9% during the third quarter. State Street Corp now owns 505,945 shares of the company’s stock valued at $4,710,000 after buying an additional 23,630 shares in the last quarter. 61.55% of the stock is currently owned by institutional investors and hedge funds.

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.