Foghorn Therapeutics' (FHTX) Market Outperform Rating Reiterated at JMP Securities

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report)'s stock had its "market outperform" rating reiterated by analysts at JMP Securities in a note issued to investors on Wednesday,Benzinga reports. They currently have a $9.00 price target on the stock. JMP Securities' price objective would indicate a potential upside of 131.96% from the stock's previous close.

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

Foghorn Therapeutics Stock Performance

Shares of FHTX traded down $0.36 during midday trading on Wednesday, hitting $3.88. The company had a trading volume of 120,417 shares, compared to its average volume of 139,292. The firm has a market capitalization of $215.77 million, a P/E ratio of -2.02 and a beta of 3.13. The company's 50-day simple moving average is $4.05 and its 200-day simple moving average is $5.39. Foghorn Therapeutics 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 earnings results on Thursday, March 6th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.43) by $0.13. The firm had revenue of $2.86 million during the quarter, compared to analyst estimates of $8.56 million. Equities analysts predict that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Foghorn Therapeutics

Several large investors have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new position in shares of Foghorn Therapeutics during the 4th quarter worth about $9,579,000. Point72 Asset Management L.P. grew its stake in Foghorn Therapeutics by 58.8% during the fourth quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company's stock worth $2,996,000 after buying an additional 235,059 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its position in shares of Foghorn Therapeutics by 7.5% during the 4th quarter. Deerfield Management Company L.P. Series C now owns 3,255,514 shares of the company's stock worth $15,366,000 after buying an additional 227,628 shares during the last quarter. DAFNA Capital Management LLC grew its holdings in shares of Foghorn Therapeutics by 395.7% during the 4th quarter. DAFNA Capital Management LLC now owns 186,717 shares of the company's stock valued at $881,000 after purchasing an additional 149,053 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Foghorn Therapeutics by 27.5% during the third quarter. Geode Capital Management LLC now owns 677,386 shares of the company's stock worth $6,308,000 after buying an additional 146,276 shares during the last quarter. Institutional investors own 61.55% of the company's stock.

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.