Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives $12.13 Average Target Price from Analysts

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been given a consensus recommendation of “Buy” by the eight research firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $12.13.

A number of equities research analysts have commented on FHTX shares. HC Wainwright raised Foghorn Therapeutics to a “strong-buy” rating in a research note on Wednesday, May 14th. JMP Securities reiterated a “market outperform” rating and issued a $9.00 target price on shares of Foghorn Therapeutics in a report on Thursday, May 15th. Citigroup assumed coverage on shares of Foghorn Therapeutics in a research report on Wednesday, April 23rd. They issued an “outperform” rating for the company. Finally, Citizens Jmp began coverage on shares of Foghorn Therapeutics in a research note on Wednesday, April 23rd. They set a “mkt outperform” rating and a $9.00 price target for the company.

Foghorn Therapeutics Trading Up 4.2%

NASDAQ:FHTX opened at $5.16 on Friday. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $10.25. The stock has a market capitalization of $287.62 million, a price-to-earnings ratio of -3.79 and a beta of 3.05. The firm has a fifty day simple moving average of $4.42 and a two-hundred day simple moving average of $4.43.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.30). The company had revenue of $5.95 million for the quarter, compared to the consensus estimate of $4.96 million. Equities analysts predict that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Foghorn Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in FHTX. Rhumbline Advisers increased its holdings in Foghorn Therapeutics by 9.1% during the fourth quarter. Rhumbline Advisers now owns 36,384 shares of the company’s stock worth $172,000 after buying an additional 3,049 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Foghorn Therapeutics during the 4th quarter valued at approximately $75,000. Raymond James Financial Inc. purchased a new stake in shares of Foghorn Therapeutics during the 4th quarter worth approximately $9,579,000. JPMorgan Chase & Co. increased its stake in shares of Foghorn Therapeutics by 415.5% during the 4th quarter. JPMorgan Chase & Co. now owns 56,531 shares of the company’s stock worth $267,000 after purchasing an additional 45,565 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Foghorn Therapeutics by 20.6% in the 4th quarter. Wellington Management Group LLP now owns 87,069 shares of the company’s stock worth $411,000 after purchasing an additional 14,853 shares during the period. Hedge funds and other 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.