B. Riley Initiates Coverage on Foghorn Therapeutics (NASDAQ:FHTX)

Key Points

• B. Riley has initiated coverage on Foghorn Therapeutics (NASDAQ:FHTX) with a "buy" rating and a price target of $10.00, indicating a potential upside of 100% from its previous close.
• The company's recent trading saw shares rise to $5.00, with a market capitalization of $282.65 million and a PE ratio of -4.21.
• Institutional investors hold 61.55% of Foghorn Therapeutics' stock, with significant activity from firms like Northern Trust Corp and D. E. Shaw & Co. in the last quarter.

Research analysts at B. Riley began coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) in a research note issued to investors on Wednesday. The brokerage set a "buy" rating and a $10.00 price target on the stock. B. Riley's price target would suggest a potential upside of 99.20% from the stock's current price. B. Riley also issued estimates for Foghorn Therapeutics' Q3 2025 earnings at ($0.33) EPS, Q4 2025 earnings at ($0.33) EPS, FY2025 earnings at ($1.25) EPS, FY2026 earnings at ($0.90) EPS, FY2027 earnings at ($0.91) EPS, FY2028 earnings at ($1.02) EPS and FY2029 earnings at ($0.94) EPS.

Foghorn Therapeutics Stock Down 2.3%

FHTX stock traded down $0.12 on Wednesday, reaching $5.02. 284,633 shares of the company's stock were exchanged, compared to its average volume of 85,065. The stock has a fifty day moving average of $5.38 and a 200-day moving average of $4.65. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $10.25. The firm has a market cap of $283.78 million, a PE ratio of -4.22 and a beta of 3.05.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.03. The business had revenue of $7.56 million for the quarter, compared to analyst estimates of $7.62 million. On average, equities research analysts predict that Foghorn Therapeutics will post -1.55 EPS for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Several large investors have recently bought and sold shares of the company. Raymond James Financial Inc. grew its holdings in Foghorn Therapeutics by 6.7% in the second quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company's stock valued at $11,126,000 after purchasing an additional 148,940 shares during the last quarter. Geode Capital Management LLC lifted its position in Foghorn Therapeutics by 16.9% during the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company's stock worth $3,797,000 after buying an additional 116,979 shares during the period. Point72 Asset Management L.P. lifted its position in Foghorn Therapeutics by 58.8% during the fourth quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company's stock worth $2,996,000 after buying an additional 235,059 shares during the period. DAFNA Capital Management LLC lifted its position in Foghorn Therapeutics by 63.2% during the first quarter. DAFNA Capital Management LLC now owns 304,752 shares of the company's stock worth $1,112,000 after buying an additional 118,035 shares during the period. Finally, Northern Trust Corp lifted its position in Foghorn Therapeutics by 1.1% during the fourth quarter. Northern Trust Corp now owns 253,671 shares of the company's stock worth $1,197,000 after buying an additional 2,873 shares during the period. Institutional investors and hedge funds 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.