Foghorn Therapeutics Inc. (NASDAQ:FHTX) Stock Has Consensus Price Target of $11.67 According to Brokerages

Key Points

• Analyst sentiment is moderately bullish: Eight firms give Foghorn Therapeutics a consensus “Moderate Buy” rating, with seven buys and one sell. The average 12-month price target is $11.67, well above the reported $3.50 share price.
• Institutional ownership remains significant: Several hedge funds and financial institutions recently initiated positions, and institutional investors collectively own 61.55% of the company.
• Recent results exceeded expectations: Foghorn reported quarterly EPS of ($0.10), beating the consensus estimate of ($0.24), while revenue of $16.1 million surpassed analysts’ $6.8 million forecast. Analysts expect a full-year loss of approximately $0.81 per share.

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eight research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and seven have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $11.67.

Several equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Foghorn Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Citigroup reaffirmed a "market outperform" rating on shares of Foghorn Therapeutics in a research note on Thursday, September 17th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Foghorn Therapeutics in a report on Friday, July 17th.

Hedge Funds Weigh In On Foghorn Therapeutics

Several hedge funds have recently made changes to their positions in FHTX. Diversified Trust Co acquired a new stake in shares of Foghorn Therapeutics in the first quarter valued at approximately $52,000. Canada Pension Plan Investment Board acquired a new position in Foghorn Therapeutics during the second quarter worth $122,000. Bank of America Corp DE bought a new position in Foghorn Therapeutics in the second quarter valued at $127,000. GSA Capital Partners LLP bought a new position in Foghorn Therapeutics in the second quarter valued at $144,000. Finally, Deutsche Bank AG bought a new position in Foghorn Therapeutics in the second quarter valued at $178,000. 61.55% of the stock is owned by institutional investors.

Foghorn Therapeutics Stock Performance

NASDAQ FHTX opened at $3.50 on Friday. The business has a 50 day simple moving average of $5.31 and a 200 day simple moving average of $4.90. Foghorn Therapeutics has a 52-week low of $3.27 and a 52-week high of $7.61. The stock has a market cap of $207.83 million, a price-to-earnings ratio of -3.57 and a beta of 2.86.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.14. The company had revenue of $16.10 million for the quarter, compared to analyst estimates of $6.80 million. On average, analysts predict that Foghorn Therapeutics will post -0.81 EPS for the current year.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics Inc is a clinical-stage biotechnology company headquartered in Cambridge, Massachusetts. The company develops medicines designed to regulate gene expression by targeting the chromatin regulatory system, a network of proteins and complexes that controls how genetic information is organized and used within cells.

Foghorn's discovery platform, known as Gene Traffic Control, is intended to identify drug targets within chromatin-remodeling complexes and develop selective small-molecule therapies.

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