Deerfield Management Company L.P. Series C Acquires 227,628 Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX)

Deerfield Management Company L.P. Series C raised its position in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,255,514 shares of the company's stock after purchasing an additional 227,628 shares during the period. Deerfield Management Company L.P. Series C owned about 5.85% of Foghorn Therapeutics worth $15,366,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Barclays PLC increased its stake in Foghorn Therapeutics by 191.6% during the 3rd quarter. Barclays PLC now owns 39,920 shares of the company's stock valued at $371,000 after purchasing an additional 26,228 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in shares of Foghorn Therapeutics during the 4th quarter valued at about $56,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Foghorn Therapeutics in the 4th quarter valued at $134,000. Rhumbline Advisers increased its holdings in Foghorn Therapeutics by 9.1% in the 4th quarter. Rhumbline Advisers now owns 36,384 shares of the company's stock valued at $172,000 after purchasing an additional 3,049 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Foghorn Therapeutics in the fourth quarter valued at approximately $75,000. Hedge funds and other institutional investors own 61.55% of the company's stock.

Analysts Set New Price Targets

FHTX has been the subject of several recent analyst reports. HC Wainwright restated a "buy" rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a research report on Wednesday, April 30th. Citigroup initiated coverage on Foghorn Therapeutics in a report on Wednesday, April 23rd. They issued an "outperform" rating on the stock. Citizens Jmp started coverage on shares of Foghorn Therapeutics in a research report on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $9.00 price objective on the stock. JMP Securities reaffirmed a "market outperform" rating and set a $9.00 price target on shares of Foghorn Therapeutics in a research note on Wednesday, April 30th. Finally, B. Riley assumed coverage on Foghorn Therapeutics in a report on Thursday, January 30th. They issued a "buy" rating and a $10.00 price target for the company. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Foghorn Therapeutics currently has an average rating of "Buy" and a consensus price target of $12.13.

Foghorn Therapeutics Stock Performance

Shares of Foghorn Therapeutics stock traded down $0.10 during trading hours on Tuesday, reaching $4.33. The company's stock had a trading volume of 31,828 shares, compared to its average volume of 140,616. The company's 50 day simple moving average is $3.99 and its 200 day simple moving average is $5.24. Foghorn Therapeutics Inc. has a one year low of $2.94 and a one year high of $10.25. The stock has a market cap of $241.27 million, a P/E ratio of -2.26 and a beta of 3.13.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its earnings results on Thursday, March 6th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.13. The business had revenue of $2.86 million for the quarter, compared to the consensus estimate of $8.56 million. On average, sell-side analysts predict that Foghorn Therapeutics Inc. will post -1.55 earnings per share for the current fiscal year.

Foghorn Therapeutics Profile

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.