Analysts Set Foghorn Therapeutics Inc. (NASDAQ:FHTX) PT at $13.17

Shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) have been assigned an average rating of “Buy” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $13.17.

A number of brokerages have weighed in on FHTX. Jefferies Financial Group decreased their price objective on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, December 16th. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective (down previously from $20.00) on shares of Foghorn Therapeutics in a research report on Tuesday, December 17th. Finally, B. Riley began coverage on shares of Foghorn Therapeutics in a research report on Thursday, January 30th. They issued a “buy” rating and a $10.00 price objective for the company.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FHTX. 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. raised its position in shares of Foghorn Therapeutics by 58.8% during the 4th quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company’s stock worth $2,996,000 after purchasing an additional 235,059 shares during the last quarter. Deerfield Management Company L.P. Series C raised 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 purchasing an additional 227,628 shares during the last quarter. DAFNA Capital Management LLC raised its position 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 worth $881,000 after purchasing an additional 149,053 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Foghorn Therapeutics by 27.5% during the 3rd quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock worth $6,308,000 after purchasing an additional 146,276 shares during the last quarter. Institutional investors and hedge funds own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Performance

NASDAQ:FHTX opened at $4.85 on Monday. Foghorn Therapeutics has a one year low of $3.86 and a one year high of $10.25. The firm has a market cap of $269.72 million, a price-to-earnings ratio of -2.53 and a beta of 3.19. The firm’s fifty day moving average is $4.76 and its two-hundred day moving average is $6.78.

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.