Foghorn Therapeutics (NASDAQ:FHTX) PT Raised to $9.00 at Morgan Stanley

Foghorn Therapeutics (NASDAQ:FHTX) had its target price boosted by stock analysts at Morgan Stanley from $6.00 to $9.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential downside of 1.64% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Jefferies Financial Group assumed coverage on Foghorn Therapeutics in a research report on Tuesday, September 3rd. They set a “buy” rating and a $18.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Evercore ISI started coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, Wedbush restated an “outperform” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.00.

Foghorn Therapeutics Trading Down 4.3 %

Shares of NASDAQ FHTX opened at $9.15 on Tuesday. The firm has a fifty day simple moving average of $7.50 and a two-hundred day simple moving average of $6.51. Foghorn Therapeutics has a 12 month low of $2.70 and a 12 month high of $10.25. The firm has a market capitalization of $506.27 million, a PE ratio of -4.16 and a beta of 3.11.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.15. The company had revenue of $6.89 million during the quarter, compared to the consensus estimate of $6.60 million. On average, sell-side analysts predict that Foghorn Therapeutics will post -1.88 earnings per share for the current year.

Insider Buying and Selling

In other Foghorn Therapeutics news, insider Carlos Costa sold 35,756 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $10.04, for a total transaction of $358,990.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.07% of the stock is currently owned by company insiders.

Institutional Trading of Foghorn Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Deerfield Management Company L.P. Series C bought a new position in shares of Foghorn Therapeutics during the second quarter valued at $14,481,000. Perceptive Advisors LLC purchased a new position in Foghorn Therapeutics in the 2nd quarter worth about $3,128,000. Driehaus Capital Management LLC lifted its stake in Foghorn Therapeutics by 102.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock valued at $3,269,000 after acquiring an additional 288,088 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Foghorn Therapeutics by 101.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock valued at $1,451,000 after acquiring an additional 108,700 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Foghorn Therapeutics by 4.8% in the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after acquiring an additional 107,967 shares during the period. Institutional investors own 61.55% of the company’s stock.

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.