Cornercap Investment Counsel Inc. Cuts Stock Holdings in Foghorn Therapeutics Inc. (NASDAQ:FHTX)

Cornercap Investment Counsel Inc. lessened its holdings in Foghorn Therapeutics Inc. (NASDAQ:FHTX) by 48.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,147 shares of the company’s stock after selling 12,420 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Foghorn Therapeutics were worth $122,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System purchased a new stake in shares of Foghorn Therapeutics in the first quarter valued at approximately $77,000. Vanguard Group Inc. lifted its holdings in Foghorn Therapeutics by 7.5% in the first quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company’s stock valued at $7,398,000 after acquiring an additional 77,380 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Foghorn Therapeutics during the 1st quarter worth $283,000. Jacobs Levy Equity Management Inc. grew its stake in shares of Foghorn Therapeutics by 101.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock worth $1,451,000 after purchasing an additional 108,700 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Foghorn Therapeutics by 4.8% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 61.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 24th. Evercore ISI initiated coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $20.00 target price on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Jefferies Financial Group initiated coverage on Foghorn Therapeutics in a report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 target price on the stock. Finally, Wedbush reaffirmed an “outperform” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.00.

Insider Activity at Foghorn Therapeutics

In other Foghorn Therapeutics news, insider Carlos Costa sold 35,756 shares of the stock in a transaction 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 document filed with the SEC, which is available at this link. 9.07% of the stock is currently owned by corporate insiders.

Foghorn Therapeutics Stock Down 3.7 %

NASDAQ FHTX opened at $7.71 on Tuesday. Foghorn Therapeutics Inc. has a fifty-two week low of $2.70 and a fifty-two week high of $10.25. The business has a fifty day moving average of $8.50 and a 200-day moving average of $7.01. The stock has a market cap of $428.60 million, a price-to-earnings ratio of -4.02 and a beta of 3.14.

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.