Foghorn Therapeutics Inc. (NASDAQ:FHTX) Stock Has Average Target Price of $6.14

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been assigned an average recommendation of “Hold” from the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $6.14.

Several equities analysts have weighed in on FHTX shares. Wall Street Zen raised Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. TD Cowen cut shares of Foghorn Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, October 1st. Citizens Jmp cut shares of Foghorn Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Thursday, October 15th. Finally, Citigroup cut shares of Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Thursday, October 1st.

Foghorn Therapeutics Stock Down 0.5%

FHTX stock opened at $2.00 on Thursday. Foghorn Therapeutics has a 52 week low of $1.79 and a 52 week high of $7.61. The firm has a 50-day simple moving average of $4.05 and a 200-day simple moving average of $4.52. The stock has a market capitalization of $118.76 million, a P/E ratio of -2.04 and a beta of 3.01.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.14. The business had revenue of $16.07 million for the quarter, compared to analysts’ expectations of $6.80 million. On average, analysts expect that Foghorn Therapeutics will post -0.86 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Foghorn Therapeutics in the 2nd quarter valued at about $12,819,000. Renaissance Technologies LLC lifted its stake in Foghorn Therapeutics by 36.5% during the first quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock worth $1,943,000 after purchasing an additional 108,689 shares during the last quarter. Candriam S.C.A. purchased a new stake in Foghorn Therapeutics during the first quarter worth approximately $1,500,000. Squarepoint Ops LLC lifted its stake in Foghorn Therapeutics by 25.6% during the second quarter. Squarepoint Ops LLC now owns 130,346 shares of the company’s stock worth $636,000 after purchasing an additional 26,603 shares during the last quarter. Finally, SCS Capital Management LLC acquired a new position in Foghorn Therapeutics in the second quarter valued at approximately $522,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

About Foghorn Therapeutics

Foghorn Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines that target the chromatin regulatory system, which controls how DNA is packaged and how genes are expressed. The company’s research is directed primarily toward cancer therapies, particularly for tumors driven by abnormalities in chromatin-remodeling proteins.

Foghorn uses its proprietary Gene Traffic Control platform to identify and develop small-molecule treatments designed to modulate chromatin-regulating complexes.