Foghorn Therapeutics (NASDAQ:FHTX) Earns “Buy” Rating from HC Wainwright

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research note issued on Tuesday,Benzinga reports. They presently have a $13.00 price target on the stock, down from their prior price target of $20.00. HC Wainwright’s target price indicates a potential upside of 164.77% from the company’s previous close.

Several other research analysts also recently commented on FHTX. Morgan Stanley raised their price objective on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 24th. Jefferies Financial Group cut their price target on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a report on Monday. Finally, Evercore ISI assumed coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $13.80.

Foghorn Therapeutics Stock Down 10.9 %

Shares of NASDAQ:FHTX opened at $4.91 on Tuesday. The firm has a market capitalization of $272.96 million, a PE ratio of -2.56 and a beta of 3.10. The company has a 50-day moving average price of $7.60 and a two-hundred day moving average price of $7.17. Foghorn Therapeutics has a twelve month low of $2.70 and a twelve month high of $10.25.

Insider Buying and Selling at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $10.04, for a total value of $358,990.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 9.07% of the company’s stock.

Institutional Investors Weigh In On Foghorn Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Raymond James & Associates increased its holdings in shares of Foghorn Therapeutics by 4.8% in the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after buying an additional 107,967 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Foghorn Therapeutics by 30.7% in the second quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock valued at $457,000 after acquiring an additional 18,664 shares during the last quarter. Rhumbline Advisers increased its stake in Foghorn Therapeutics by 34.3% in the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock valued at $206,000 after acquiring an additional 9,171 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Foghorn Therapeutics during the second quarter valued at about $62,000. Finally, Deerfield Management Company L.P. Series C bought a new stake in Foghorn Therapeutics during the second quarter worth about $14,481,000. 61.55% of the stock is currently owned by 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.