Foghorn Therapeutics (NASDAQ:FHTX) Sees Strong Trading Volume

Foghorn Therapeutics Inc. (NASDAQ:FHTX) shares saw unusually-high trading volume on Friday . Approximately 161,231 shares were traded during trading, an increase of 26% from the previous session’s volume of 128,437 shares.The stock last traded at $9.10 and had previously closed at $8.88.

Analysts Set New Price Targets

Several equities analysts have weighed in on FHTX shares. Jefferies Financial Group began coverage on Foghorn Therapeutics in a research note on Tuesday, September 3rd. They set a “buy” rating and a $18.00 target price on the stock. Evercore ISI initiated coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $20.00 target price on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Finally, Wedbush restated an “outperform” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.40.

Foghorn Therapeutics Price Performance

The stock has a market cap of $413.94 million, a price-to-earnings ratio of -4.42 and a beta of 3.11. The business has a fifty day moving average of $6.90 and a 200 day moving average of $6.37.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.15. The business had revenue of $6.89 million for the quarter, compared to analyst estimates of $6.60 million. On average, analysts expect that Foghorn Therapeutics Inc. will post -1.88 EPS for the current year.

Institutional Trading of Foghorn Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. raised its stake in shares of Foghorn Therapeutics by 101.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock valued at $1,451,000 after acquiring an additional 108,700 shares in the last quarter. Raymond James & Associates raised its position in shares of Foghorn Therapeutics by 4.8% in the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock valued at $13,446,000 after purchasing an additional 107,967 shares during the period. Birchview Capital LP lifted its stake in shares of Foghorn Therapeutics by 21.2% in the fourth quarter. Birchview Capital LP now owns 320,930 shares of the company’s stock worth $2,070,000 after buying an additional 56,087 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new stake in shares of Foghorn Therapeutics during the 1st quarter worth $77,000. Finally, Vanguard Group Inc. grew its stake in Foghorn Therapeutics by 7.5% in the 1st quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company’s stock valued at $7,398,000 after buying an additional 77,380 shares during the last quarter. Institutional investors and hedge funds 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.