Guggenheim Begins Coverage on Foghorn Therapeutics (NASDAQ:FHTX)

Research analysts at Guggenheim initiated coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a note issued to investors on Friday. The firm set a “buy” rating and a $12.00 price target on the stock. Guggenheim’s price objective would suggest a potential upside of 200.00% from the stock’s previous close.

Several other analysts also recently weighed in on the company. B. Riley assumed coverage on Foghorn Therapeutics in a report on Wednesday, September 17th. They issued a “buy” rating and a $10.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Wednesday, October 8th. Finally, Wedbush restated an “outperform” rating and set a $10.00 target price on shares of Foghorn Therapeutics in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $11.00.

Foghorn Therapeutics Stock Performance

Shares of FHTX opened at $4.00 on Friday. The firm has a market capitalization of $226.12 million, a P/E ratio of -3.54 and a beta of 3.02. Foghorn Therapeutics has a 12-month low of $2.94 and a 12-month high of $9.70. The firm has a fifty day moving average price of $4.65 and a 200-day moving average price of $4.77.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its earnings results on Wednesday, November 5th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.06. The company had revenue of $8.15 million during the quarter, compared to the consensus estimate of $6.20 million. Analysts predict that Foghorn Therapeutics will post -1.55 earnings per share for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. boosted its stake in Foghorn Therapeutics by 9.3% in the 1st quarter. Raymond James Financial Inc. now owns 2,218,352 shares of the company’s stock worth $8,097,000 after purchasing an additional 188,969 shares in the last quarter. DAFNA Capital Management LLC raised its holdings in shares of Foghorn Therapeutics by 63.2% in the first quarter. DAFNA Capital Management LLC now owns 304,752 shares of the company’s stock worth $1,112,000 after buying an additional 118,035 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Foghorn Therapeutics by 16.9% during the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after buying an additional 116,979 shares during the period. Ameriprise Financial Inc. purchased a new stake in shares of Foghorn Therapeutics during the second quarter valued at $528,000. Finally, SCS Capital Management LLC acquired a new position in shares of Foghorn Therapeutics in the 1st quarter valued at $390,000. 61.55% of the stock is owned by hedge funds and other institutional investors.

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.