Foghorn Therapeutics Inc. (NASDAQ:FHTX) Receives Average Rating of “Buy” from Analysts

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been given a consensus rating of “Buy” by the six ratings firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $11.00.

Several equities analysts have weighed in on the company. B. Riley assumed coverage on Foghorn Therapeutics in a research report on Wednesday, September 17th. They set a “buy” rating and a $10.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Wednesday, October 8th.

Foghorn Therapeutics Stock Performance

Foghorn Therapeutics stock opened at $4.00 on Thursday. The stock has a fifty day moving average of $4.67 and a two-hundred day moving average of $4.78. The company has a market capitalization of $226.12 million, a price-to-earnings ratio of -3.36 and a beta of 3.02. Foghorn Therapeutics has a fifty-two week low of $2.94 and a fifty-two week high of $9.70.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03. The company had revenue of $7.56 million for the quarter, compared to analysts’ expectations of $7.62 million. On average, analysts forecast that Foghorn Therapeutics will post -1.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Foghorn Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nuveen LLC purchased a new stake in shares of Foghorn Therapeutics in the first quarter valued at $221,000. Raymond James Financial Inc. grew its position in shares of Foghorn Therapeutics by 9.3% in the first quarter. Raymond James Financial Inc. now owns 2,218,352 shares of the company’s stock valued at $8,097,000 after purchasing an additional 188,969 shares during the period. SCS Capital Management LLC purchased a new stake in shares of Foghorn Therapeutics in the first quarter valued at $390,000. Wellington Management Group LLP grew its position in shares of Foghorn Therapeutics by 18.2% in the first quarter. Wellington Management Group LLP now owns 102,888 shares of the company’s stock valued at $376,000 after purchasing an additional 15,819 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Foghorn Therapeutics by 69.7% in the first quarter. Deutsche Bank AG now owns 20,890 shares of the company’s stock valued at $76,000 after purchasing an additional 8,580 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.