Foghorn Therapeutics’ (FHTX) “Outperform” Rating Reaffirmed at Wedbush

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “outperform” rating restated by Wedbush in a research note issued to investors on Thursday,RTT News reports. They currently have a $10.00 price target on the stock. Wedbush’s target price indicates a potential upside of 149.07% from the company’s previous close.

Several other research firms have also recently commented on FHTX. B. Riley began coverage on Foghorn Therapeutics in a report on Wednesday, September 17th. They issued a “buy” rating and a $10.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $10.83.

Foghorn Therapeutics Stock Up 0.4%

NASDAQ:FHTX traded up $0.02 during mid-day trading on Thursday, reaching $4.02. 76,828 shares of the stock were exchanged, compared to its average volume of 142,354. The company has a 50 day simple moving average of $4.67 and a 200-day simple moving average of $4.78. The stock has a market capitalization of $226.97 million, a P/E ratio of -3.37 and a beta of 3.02. Foghorn Therapeutics has a 1 year low of $2.94 and a 1 year high of $9.70.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.03. The company had revenue of $7.56 million during the quarter, compared to analyst estimates of $7.62 million. As a group, research analysts predict that Foghorn Therapeutics will post -1.55 EPS for the current year.

Institutional Trading of Foghorn Therapeutics

Several large investors have recently modified their holdings of the company. Raymond James Financial Inc. raised its stake in Foghorn Therapeutics by 6.7% in the 2nd quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock worth $11,126,000 after purchasing an additional 148,940 shares in the last quarter. Geode Capital Management LLC increased its holdings in Foghorn Therapeutics by 16.9% in the 2nd quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock valued at $3,797,000 after buying an additional 116,979 shares during the period. DAFNA Capital Management LLC increased its holdings in Foghorn Therapeutics by 63.2% in the 1st quarter. DAFNA Capital Management LLC now owns 304,752 shares of the company’s stock valued at $1,112,000 after buying an additional 118,035 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Foghorn Therapeutics by 8.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 241,816 shares of the company’s stock worth $883,000 after purchasing an additional 18,036 shares in the last quarter. Finally, Ameriprise Financial Inc. acquired a new position in Foghorn Therapeutics during the 2nd quarter worth approximately $528,000. 61.55% of the stock is owned by institutional investors.

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.