Foghorn Therapeutics (NASDAQ:FHTX) Trading Down 7.4% - Here's Why

Key Points

• Foghorn Therapeutics' stock price has decreased by 7.4% to around $5.01, following recent mid-day trading after closing at $5.41.
• Analysts have a positive outlook on Foghorn, with two strong buy ratings and an average target price of $10.67.
• The company reported earnings of (\$0.28) EPS, exceeding expectations, and has a market capitalization of $283.22 million.

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) were down 7.4% during trading on Thursday . The stock traded as low as $4.97 and last traded at $5.01. Approximately 94,366 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 96,706 shares. The stock had previously closed at $5.41.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JMP Securities reissued a "market outperform" rating and set a $9.00 price objective 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 report on Wednesday, May 14th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $10.67.

Foghorn Therapeutics Price Performance

The stock has a market capitalization of $286.04 million, a P/E ratio of -4.25 and a beta of 3.05. The company has a 50 day simple moving average of $5.32 and a 200-day simple moving average of $4.66.

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

Hedge Funds Weigh In On Foghorn Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its position in shares of Foghorn Therapeutics by 136.8% in the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company's stock worth $43,000 after buying an additional 5,323 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in Foghorn Therapeutics by 63.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 64,100 shares of the company's stock worth $301,000 after purchasing an additional 25,000 shares in the last quarter. Bank of America Corp DE boosted its holdings in Foghorn Therapeutics by 31.3% in the 2nd quarter. Bank of America Corp DE now owns 31,297 shares of the company's stock worth $147,000 after buying an additional 7,462 shares during the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Foghorn Therapeutics during the 2nd quarter valued at approximately $528,000. Finally, Jane Street Group LLC purchased a new stake in Foghorn Therapeutics in the second quarter valued at approximately $102,000. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

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.