Foghorn Therapeutics (NASDAQ:FHTX) Receives New Coverage from Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $18.00 price objective on the stock.

FHTX has been the subject of several other reports. Evercore ISI began coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They issued an outperform rating and a $20.00 target price for the company. HC Wainwright reissued a buy rating and set a $20.00 target price on shares of Foghorn Therapeutics in a report on Monday, August 12th. Finally, Wedbush reaffirmed an outperform rating and set a $13.00 price target on shares of Foghorn Therapeutics in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $15.40.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX opened at $7.53 on Tuesday. The stock has a market capitalization of $320.67 million, a PE ratio of -3.42 and a beta of 3.11. Foghorn Therapeutics has a 52 week low of $2.70 and a 52 week high of $8.57. The stock has a 50 day moving average price of $6.51 and a 200 day moving average price of $6.27.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.15. The company had revenue of $6.89 million during the quarter, compared to analyst estimates of $6.60 million. As a group, research analysts forecast that Foghorn Therapeutics will post -1.8 EPS for the current year.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Perceptive Advisors LLC acquired a new stake in Foghorn Therapeutics during the 2nd quarter worth approximately $3,128,000. Driehaus Capital Management LLC boosted its holdings in Foghorn Therapeutics by 102.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock valued at $3,269,000 after purchasing an additional 288,088 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Foghorn Therapeutics during the 2nd quarter worth approximately $64,000. Deerfield Management Company L.P. Series C bought a new position in shares of Foghorn Therapeutics during the second quarter worth approximately $14,481,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Foghorn Therapeutics in the second quarter valued at approximately $62,000. 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.