Foghorn Therapeutics (NASDAQ:FHTX) Coverage Initiated at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research report sent to investors on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $18.00 price target on the stock.

FHTX has been the subject of a number of other reports. Evercore ISI began coverage on Foghorn Therapeutics in a research report on Monday, August 19th. They issued an outperform rating and a $20.00 price objective for the company. Wedbush reaffirmed an outperform rating and issued a $13.00 target price on shares of Foghorn Therapeutics in a research note on Thursday, August 8th. Finally, HC Wainwright reissued a buy rating and set a $20.00 price target on shares of Foghorn Therapeutics in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Foghorn Therapeutics presently has a consensus rating of Moderate Buy and a consensus price target of $15.40.

Foghorn Therapeutics Price Performance

Shares of Foghorn Therapeutics stock opened at $8.08 on Tuesday. The firm has a 50 day simple moving average of $6.48 and a 200 day simple moving average of $6.26. Foghorn Therapeutics has a fifty-two week low of $2.70 and a fifty-two week high of $8.57. The firm has a market cap of $344.09 million, a P/E ratio of -3.67 and a beta of 3.11.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.15. The firm had revenue of $6.89 million during the quarter, compared to the consensus estimate of $6.60 million. On average, sell-side analysts expect that Foghorn Therapeutics will post -1.8 EPS for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHTX. Renaissance Technologies LLC bought a new stake in shares of Foghorn Therapeutics in the 2nd quarter valued at about $62,000. The Manufacturers Life Insurance Company bought a new position in Foghorn Therapeutics during the 2nd quarter worth approximately $64,000. State Board of Administration of Florida Retirement System acquired a new position in Foghorn Therapeutics during the first quarter valued at approximately $77,000. Alta Wealth Advisors LLC bought a new stake in Foghorn Therapeutics in the fourth quarter valued at approximately $194,000. Finally, Rhumbline Advisers increased its stake in Foghorn Therapeutics by 34.3% in the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock valued at $206,000 after purchasing an additional 9,171 shares in the last quarter. Institutional investors own 61.55% of the company’s stock.

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.