106,980 Shares in Foghorn Therapeutics Inc. $FHTX Purchased by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC acquired 106,980 shares of Foghorn Therapeutics Inc., worth approximately $390,000, representing about 0.19% of the company's stock.
• The stock of Foghorn Therapeutics has a current price of $5.28 with a market cap of $298.48 million, and it has experienced a notable increase of 2.5% recently.
• Research analysts maintain a positive outlook, with an average price target of $10.67 for Foghorn Therapeutics, supported by several ratings including "market outperform."

SCS Capital Management LLC bought a new position in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 106,980 shares of the company's stock, valued at approximately $390,000. SCS Capital Management LLC owned about 0.19% of Foghorn Therapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Lazard Asset Management LLC purchased a new position in Foghorn Therapeutics in the fourth quarter valued at about $49,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Foghorn Therapeutics during the fourth quarter worth about $51,000. BNP Paribas Financial Markets acquired a new stake in shares of Foghorn Therapeutics during the fourth quarter worth about $61,000. AQR Capital Management LLC acquired a new stake in shares of Foghorn Therapeutics during the first quarter worth about $68,000. Finally, Sherbrooke Park Advisers LLC lifted its holdings in Foghorn Therapeutics by 22.2% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 15,617 shares of the company's stock valued at $74,000 after acquiring an additional 2,841 shares during the period. 61.55% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, B. Riley initiated coverage on Foghorn Therapeutics in a research note on Wednesday. They set a "buy" rating and a $10.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $10.67.

Foghorn Therapeutics Trading Up 0.1%

Shares of FHTX traded up $0.01 during mid-day trading on Wednesday, hitting $4.91. The company's stock had a trading volume of 8,024 shares, compared to its average volume of 124,116. The firm has a 50-day simple moving average of $5.41 and a 200 day simple moving average of $4.64. The firm has a market capitalization of $277.28 million, a P/E ratio of -4.12 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.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.28) EPS for the quarter, beating analysts' consensus estimates of ($0.31) by $0.03. The business had revenue of $7.56 million during the quarter, compared to analysts' expectations of $7.62 million. As a group, sell-side analysts predict that Foghorn Therapeutics Inc. will post -1.55 EPS for the current fiscal year.

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.