Foghorn Therapeutics Inc. (NASDAQ:FHTX) Stock Has Average Target Price of $11.67

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been given an average rating of “Moderate Buy” by the eight brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and seven have issued a buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $11.67.

A number of equities analysts have commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. Citigroup reaffirmed a “market outperform” rating on shares of Foghorn Therapeutics in a research note on Thursday, September 17th. Finally, Wall Street Zen upgraded Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th.

Foghorn Therapeutics Price Performance

FHTX opened at $3.52 on Friday. The company has a market cap of $209.02 million, a price-to-earnings ratio of -3.59 and a beta of 2.86. Foghorn Therapeutics has a 52-week low of $3.27 and a 52-week high of $7.61. The firm’s fifty day simple moving average is $5.24 and its two-hundred day simple moving average is $4.86.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.14. The company had revenue of $16.10 million during the quarter, compared to analysts’ expectations of $6.80 million. On average, research analysts forecast that Foghorn Therapeutics will post -0.81 EPS for the current year.

Institutional Investors Weigh In On Foghorn Therapeutics

Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Foghorn Therapeutics in the second quarter worth about $12,819,000. Renaissance Technologies LLC grew its stake in Foghorn Therapeutics by 36.5% during the 1st quarter. Renaissance Technologies LLC now owns 406,425 shares of the company’s stock valued at $1,943,000 after acquiring an additional 108,689 shares in the last quarter. Candriam S.C.A. purchased a new stake in Foghorn Therapeutics during the 1st quarter valued at about $1,500,000. Squarepoint Ops LLC raised its holdings in Foghorn Therapeutics by 25.6% in the 2nd quarter. Squarepoint Ops LLC now owns 130,346 shares of the company’s stock valued at $636,000 after acquiring an additional 26,603 shares during the last quarter. Finally, SCS Capital Management LLC acquired a new stake in Foghorn Therapeutics in the 2nd quarter valued at about $522,000. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics Inc is a clinical-stage biotechnology company headquartered in Cambridge, Massachusetts. The company develops medicines designed to regulate gene expression by targeting the chromatin regulatory system, a network of proteins and complexes that controls how genetic information is organized and used within cells.

Foghorn’s discovery platform, known as Gene Traffic Control, is intended to identify drug targets within chromatin-remodeling complexes and develop selective small-molecule therapies.