Jefferies Financial Group Begins Coverage on Foghorn Therapeutics (NASDAQ:FHTX)

Jefferies Financial Group started coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research report report published on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $18.00 target price on the stock.

Several other research firms have also weighed in on FHTX. Wedbush reiterated an outperform rating and issued a $13.00 target price on shares of Foghorn Therapeutics in a report on Thursday, August 8th. HC Wainwright reaffirmed a buy rating and set a $20.00 price objective on shares of Foghorn Therapeutics in a research note on Monday, August 12th. Finally, Evercore ISI initiated coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They issued an outperform rating and a $20.00 target price for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $15.40.

Foghorn Therapeutics Stock Down 6.8 %

NASDAQ:FHTX opened at $7.53 on Tuesday. Foghorn Therapeutics has a 12-month low of $2.70 and a 12-month high of $8.57. The stock’s fifty day simple moving average is $6.51 and its 200-day simple moving average is $6.27. The firm has a market capitalization of $320.67 million, a P/E ratio of -3.42 and a beta of 3.11.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its earnings results on Thursday, August 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.15. The company had revenue of $6.89 million for the quarter, compared to the consensus estimate of $6.60 million. As a group, equities research analysts expect that Foghorn Therapeutics will post -1.8 earnings per share for the current year.

Hedge Funds Weigh In On Foghorn Therapeutics

Large investors have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. boosted its position in shares of Foghorn Therapeutics by 101.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock worth $1,451,000 after buying an additional 108,700 shares during the period. Raymond James & Associates grew its stake in shares of Foghorn Therapeutics by 4.8% during the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after acquiring an additional 107,967 shares in the last quarter. Birchview Capital LP grew its stake in shares of Foghorn Therapeutics by 21.2% during the 4th quarter. Birchview Capital LP now owns 320,930 shares of the company’s stock worth $2,070,000 after acquiring an additional 56,087 shares in the last quarter. State Board of Administration of Florida Retirement System acquired a new stake in shares of Foghorn Therapeutics in the first quarter valued at approximately $77,000. Finally, Vanguard Group Inc. lifted its position in shares of Foghorn Therapeutics by 7.5% in the first quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company’s stock worth $7,398,000 after purchasing an additional 77,380 shares in the last quarter. 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.