Foghorn Therapeutics Inc. (NASDAQ:FHTX) Given Consensus Rating of "Buy" by Analysts

Key Points

• Foghorn Therapeutics has received an average rating of "Buy" from six ratings firms, with a consensus 1-year price target of $10.67.
• Institutional investors own 61.55% of the company's stock, with significant increases in stakes from Point72 Asset Management and DAFNA Capital Management.
• Foghorn Therapeutics' shares traded up 0.6% to $4.93, following its earnings report which showed a loss of $0.28 per share, exceeding analyst expectations.

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) has earned an average rating of "Buy" from the six analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $10.6667.

Separately, B. Riley initiated coverage on shares of Foghorn Therapeutics in a research report on Wednesday. They set a "buy" rating and a $10.00 target price on the stock.

Institutional Trading of Foghorn Therapeutics

Institutional investors have recently made changes to their positions in the business. Nuveen LLC acquired a new stake in shares of Foghorn Therapeutics during the 1st quarter valued at about $221,000. Bank of America Corp DE boosted its position in shares of Foghorn Therapeutics by 14.5% during the 4th quarter. Bank of America Corp DE now owns 31,662 shares of the company's stock valued at $149,000 after acquiring an additional 4,002 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in Foghorn Therapeutics by 44.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 100,367 shares of the company's stock valued at $474,000 after purchasing an additional 30,671 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Foghorn Therapeutics during the 4th quarter valued at about $61,000. Finally, Raymond James Financial Inc. lifted its holdings in Foghorn Therapeutics by 9.3% during the 1st quarter. Raymond James Financial Inc. now owns 2,218,352 shares of the company's stock valued at $8,097,000 after purchasing an additional 188,969 shares during the last quarter. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Foghorn Therapeutics Stock Down 2.3%

Foghorn Therapeutics stock traded down $0.12 during mid-day trading on Wednesday, reaching $5.02. The company had a trading volume of 284,633 shares, compared to its average volume of 85,065. Foghorn Therapeutics has a 52 week low of $2.94 and a 52 week high of $10.25. The company has a 50 day moving average of $5.38 and a 200-day moving average of $4.65. The firm has a market cap of $283.78 million, a price-to-earnings ratio of -4.22 and a beta of 3.05.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.28) earnings per share for the quarter, beating analysts' consensus estimates of ($0.31) by $0.03. The company had revenue of $7.56 million during the quarter, compared to the consensus estimate of $7.62 million. On average, analysts predict that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

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.