Foghorn Therapeutics’ (FHTX) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a report issued on Tuesday morning,Benzinga reports. HC Wainwright currently has a $13.00 target price on the stock, down from their previous target price of $20.00.

A number of other equities analysts have also weighed in on the stock. Morgan Stanley lifted their price objective 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. Jefferies Financial Group lowered their target price on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Monday. Finally, Evercore ISI initiated coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.80.

Foghorn Therapeutics Stock Performance

Shares of FHTX stock opened at $5.51 on Tuesday. The company has a market capitalization of $306.32 million, a P/E ratio of -2.87 and a beta of 3.10. The business’s 50 day moving average is $7.64 and its two-hundred day moving average is $7.19. Foghorn Therapeutics has a twelve month low of $2.70 and a twelve month high of $10.25.

Insider Transactions at Foghorn Therapeutics

In other news, insider Carlos Costa sold 35,756 shares of the business’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 document filed with the SEC, which is available at the SEC website. Corporate insiders own 9.07% of the company’s stock.

Hedge Funds Weigh In On Foghorn Therapeutics

Several hedge funds have recently bought and sold shares of FHTX. Deerfield Management Company L.P. Series C purchased a new stake in Foghorn Therapeutics during the second quarter worth $14,481,000. Perceptive Advisors LLC acquired a new position in shares of Foghorn Therapeutics during the 2nd quarter worth $3,128,000. Driehaus Capital Management LLC boosted its position in shares of Foghorn Therapeutics by 102.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock worth $3,269,000 after buying an additional 288,088 shares in the last quarter. Geode Capital Management LLC grew its stake in Foghorn Therapeutics by 27.5% in the 3rd quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock valued at $6,308,000 after acquiring an additional 146,276 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in Foghorn Therapeutics by 4.8% during the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock valued at $13,446,000 after acquiring an additional 107,967 shares in the last quarter. 61.55% of the stock is owned by hedge funds and other institutional investors.

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.