DAFNA Capital Management LLC Purchases 118,035 Shares of Foghorn Therapeutics Inc. $FHTX

Key Points

• DAFNA Capital Management LLC increased its stake in Foghorn Therapeutics by 63.2%, acquiring an additional 118,035 shares, bringing its total holding to 304,752 shares valued at approximately $1.11 million.
• Foghorn Therapeutics reported earnings of ($0.28) per share, beating analysts' expectation of ($0.31), while revenue reached $7.56 million, slightly below the $7.62 million forecast.
• Analysts are generally optimistic about Foghorn Therapeutics, with a consensus rating of "Buy" and a price target of $10.67, following upgrades from several firms, including HC Wainwright and JMP Securities.

DAFNA Capital Management LLC grew its stake in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) by 63.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 304,752 shares of the company's stock after purchasing an additional 118,035 shares during the quarter. DAFNA Capital Management LLC owned about 0.55% of Foghorn Therapeutics worth $1,112,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FHTX. JPMorgan Chase & Co. increased its holdings in shares of Foghorn Therapeutics by 415.5% during the 4th quarter. JPMorgan Chase & Co. now owns 56,531 shares of the company's stock worth $267,000 after acquiring an additional 45,565 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Foghorn Therapeutics by 33.3% during the 4th quarter. Wells Fargo & Company MN now owns 15,841 shares of the company's stock valued at $75,000 after acquiring an additional 3,958 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Foghorn Therapeutics by 89.2% during the 4th quarter. Renaissance Technologies LLC now owns 47,736 shares of the company's stock worth $225,000 after buying an additional 22,500 shares in the last quarter. Barclays PLC raised its holdings in shares of Foghorn Therapeutics by 29.3% during the 4th quarter. Barclays PLC now owns 51,609 shares of the company's stock worth $245,000 after buying an additional 11,689 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Foghorn Therapeutics by 12.4% in the 4th quarter. Hsbc Holdings PLC now owns 18,728 shares of the company's stock worth $88,000 after purchasing an additional 2,061 shares in the last quarter. Institutional investors and hedge funds own 61.55% of the company's stock.

Foghorn Therapeutics Trading Down 0.2%

Shares of NASDAQ FHTX traded down $0.01 during mid-day trading on Wednesday, hitting $5.27. The company had a trading volume of 64,926 shares, compared to its average volume of 127,041. The company has a market capitalization of $297.91 million, a price-to-earnings ratio of -4.43 and a beta of 3.05. Foghorn Therapeutics Inc. has a 1 year low of $2.94 and a 1 year high of $10.25. The stock's 50-day moving average price is $5.33 and its 200-day moving average price is $4.64.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03. The company had revenue of $7.56 million during the quarter, compared to analysts' expectations of $7.62 million. As a group, equities research analysts forecast that Foghorn Therapeutics Inc. will post -1.55 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FHTX shares. HC Wainwright raised Foghorn Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. JMP Securities reaffirmed a "market outperform" rating and set a $9.00 target price on shares of Foghorn Therapeutics in a research note on Thursday, May 15th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $10.67.

Foghorn Therapeutics Company 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.