Foghorn Therapeutics’ (FHTX) Buy Rating Reaffirmed at HC Wainwright

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They currently have a $13.00 price target on the stock, down from their previous price target of $20.00. HC Wainwright’s target price points to a potential upside of 135.93% from the company’s previous close.

A number of other analysts have also recently issued reports on FHTX. Evercore ISI started coverage on Foghorn Therapeutics in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective on the stock. Jefferies Financial Group decreased their price target on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Morgan Stanley boosted their price target on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Foghorn Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.80.

Foghorn Therapeutics Stock Up 4.0 %

FHTX stock opened at $5.51 on Tuesday. Foghorn Therapeutics has a twelve month low of $2.70 and a twelve month high of $10.25. The company has a market cap of $306.32 million, a PE ratio of -2.87 and a beta of 3.10. The business’s 50-day simple moving average is $7.68 and its 200 day simple moving average is $7.19.

Insiders Place Their Bets

In other Foghorn Therapeutics news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $10.04, for a total transaction of $358,990.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 9.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FHTX. Deerfield Management Company L.P. Series C bought a new position in Foghorn Therapeutics in the 2nd quarter valued at $14,481,000. Raymond James & Associates raised its holdings in shares of Foghorn Therapeutics by 4.8% in the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock valued at $13,446,000 after buying an additional 107,967 shares during the last quarter. Geode Capital Management LLC lifted its position in Foghorn Therapeutics by 27.5% during the 3rd quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock worth $6,308,000 after buying an additional 146,276 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Foghorn Therapeutics by 102.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock worth $3,269,000 after acquiring an additional 288,088 shares during the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in Foghorn Therapeutics in the 2nd quarter valued at about $3,128,000. 61.55% of the stock is owned by institutional investors and hedge funds.

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.