Foghorn Therapeutics (NASDAQ:FHTX) Trading Down 0.5% - Should You Sell?

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report)'s share price was down 0.5% during mid-day trading on Monday . The company traded as low as $6.07 and last traded at $6.10. Approximately 68,552 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 143,521 shares. The stock had previously closed at $6.13.

Wall Street Analyst Weigh In

FHTX has been the topic of several research analyst reports. Citigroup assumed coverage on shares of Foghorn Therapeutics in a research report on Wednesday, April 23rd. They issued an "outperform" rating on the stock. JMP Securities restated a "market outperform" rating and issued a $9.00 target price on shares of Foghorn Therapeutics in a report on Thursday, May 15th. HC Wainwright raised Foghorn Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. Finally, Citizens Jmp assumed coverage on Foghorn Therapeutics in a research report on Wednesday, April 23rd. They set a "mkt outperform" rating and a $9.00 price objective for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $12.13.

Foghorn Therapeutics Price Performance

The stock has a market capitalization of $345.03 million, a PE ratio of -4.55 and a beta of 3.05. The firm has a 50 day moving average price of $4.91 and a 200-day moving average price of $4.52.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.30) EPS for the quarter, hitting the consensus estimate of ($0.30). The company had revenue of $5.95 million for the quarter, compared to analyst estimates of $4.96 million. Equities analysts expect that Foghorn Therapeutics Inc. will post -1.55 earnings per share for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. boosted its stake in shares of Foghorn Therapeutics by 58.8% in the fourth quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company's stock worth $2,996,000 after acquiring an additional 235,059 shares during the last quarter. Deerfield Management Company L.P. Series C boosted its stake in Foghorn Therapeutics by 7.5% during the fourth 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. Raymond James Financial Inc. boosted its stake in Foghorn Therapeutics by 9.3% during the first quarter. Raymond James Financial Inc. now owns 2,218,352 shares of the company's stock worth $8,097,000 after buying an additional 188,969 shares during the last quarter. DAFNA Capital Management LLC boosted its stake in Foghorn Therapeutics by 395.7% during the fourth quarter. DAFNA Capital Management LLC now owns 186,717 shares of the company's stock worth $881,000 after buying an additional 149,053 shares during the last quarter. Finally, SCS Capital Management LLC acquired a new position in shares of Foghorn Therapeutics in the 1st quarter valued at $390,000. 61.55% of the stock is owned by institutional investors and hedge funds.

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.