Foghorn Therapeutics (NASDAQ:FHTX) PT Raised to $9.00

Foghorn Therapeutics (NASDAQ:FHTX) had its target price hoisted by Morgan Stanley from $6.00 to $9.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other research analysts have also recently issued reports on the stock. Evercore ISI began coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They set an outperform rating and a $20.00 target price on the stock. HC Wainwright reissued a buy rating and set a $20.00 price target on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Jefferies Financial Group assumed coverage on shares of Foghorn Therapeutics in a research report on Tuesday, September 3rd. They set a buy rating and a $18.00 price target for the company. Finally, Wedbush reissued an outperform rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $16.00.

Foghorn Therapeutics Price Performance

Shares of Foghorn Therapeutics stock opened at $9.68 on Tuesday. Foghorn Therapeutics has a 1 year low of $2.70 and a 1 year high of $10.25. The firm’s 50-day moving average is $7.58 and its two-hundred day moving average is $6.53. The stock has a market cap of $535.59 million, a price-to-earnings ratio of -4.40 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 the consensus estimate of ($0.60) by $0.15. The business had revenue of $6.89 million for the quarter, compared to the consensus estimate of $6.60 million. On average, equities analysts expect that Foghorn Therapeutics will post -1.88 earnings per share for the current year.

Insider Activity at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $10.04, for a total value of $358,990.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Foghorn Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of FHTX. Renaissance Technologies LLC purchased a new position in shares of Foghorn Therapeutics in the 2nd quarter valued at approximately $62,000. The Manufacturers Life Insurance Company purchased a new position in shares of Foghorn Therapeutics in the 2nd quarter valued at approximately $64,000. State Board of Administration of Florida Retirement System purchased a new position in shares of Foghorn Therapeutics in the 1st quarter valued at approximately $77,000. Alta Wealth Advisors LLC purchased a new position in shares of Foghorn Therapeutics in the 4th quarter valued at approximately $194,000. Finally, Rhumbline Advisers raised its position in shares of Foghorn Therapeutics by 34.3% in the 2nd quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock valued at $206,000 after purchasing an additional 9,171 shares during the last quarter. 61.55% of the stock is owned by hedge funds and other 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.