Foghorn Therapeutics Inc. (NASDAQ:FHTX) Stock Has Consensus Target Price of $6.14 According to Brokerages

Key Points

• Analyst consensus is “Hold” for Foghorn Therapeutics, with six hold, four buy and one sell rating among 11 analysts. The average 12-month price target is $6.14.
• Several brokerages recently downgraded the stock or reduced their targets, including Guggenheim, which cut its price target from $12 to $5 while retaining a buy rating.
• FHTX opened at $2.04, near its 52-week low of $1.79, despite reporting quarterly EPS of negative $0.10 that beat estimates and revenue of $16.07 million versus the $6.80 million consensus.

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) have earned a consensus rating of "Hold" from the eleven research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $6.14.

FHTX has been the topic of several research reports. Citizens Jmp lowered Foghorn Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 1st. Guggenheim reduced their price target on Foghorn Therapeutics from $12.00 to $5.00 and set a "buy" rating for the company in a report on Friday, October 2nd. Citigroup lowered Foghorn Therapeutics from a "market outperform" rating to a "market perform" rating in a report on Thursday, October 1st. TD Cowen cut Foghorn Therapeutics from a "buy" rating to a "hold" rating in a research note on Thursday, October 1st. Finally, Wall Street Zen upgraded Foghorn Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 8th.

Institutional Trading of Foghorn Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Foghorn Therapeutics in the second quarter worth approximately $12,819,000. Renaissance Technologies LLC increased its stake in shares of Foghorn Therapeutics by 36.5% during the 1st quarter. Renaissance Technologies LLC now owns 406,425 shares of the company's stock worth $1,943,000 after purchasing an additional 108,689 shares during the last quarter. Candriam S.C.A. bought a new position in shares of Foghorn Therapeutics during the 1st quarter valued at $1,500,000. Squarepoint Ops LLC raised its holdings in shares of Foghorn Therapeutics by 25.6% during the 2nd quarter. Squarepoint Ops LLC now owns 130,346 shares of the company's stock valued at $636,000 after purchasing an additional 26,603 shares in the last quarter. Finally, SCS Capital Management LLC bought a new position in shares of Foghorn Therapeutics during the 2nd quarter valued at $522,000. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Foghorn Therapeutics Trading Up 1.5%

NASDAQ FHTX opened at $2.04 on Thursday. Foghorn Therapeutics has a 1-year low of $1.79 and a 1-year high of $7.61. The firm's fifty day simple moving average is $4.22 and its 200-day simple moving average is $4.55. The company has a market capitalization of $121.14 million, a PE ratio of -2.08 and a beta of 3.01.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.24) by $0.14. The firm had revenue of $16.07 million for the quarter, compared to analyst estimates of $6.80 million. As a group, analysts predict that Foghorn Therapeutics will post -0.86 EPS for the current year.

About Foghorn Therapeutics

Foghorn Therapeutics Inc is a clinical-stage biotechnology company focused on developing medicines that target the chromatin regulatory system, which helps control how genes are expressed. The company's research is aimed primarily at cancer and other diseases in which abnormalities in gene regulation contribute to disease progression.

Foghorn uses its proprietary Gene Traffic Control platform to study interactions among chromatin-regulating proteins and identify potential drug targets.

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