HC Wainwright Reaffirms “Buy” Rating for Foghorn Therapeutics (NASDAQ:FHTX)

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $13.00 target price on the stock, down from their prior target price of $20.00. HC Wainwright’s price objective points to a potential upside of 135.93% from the stock’s previous close.

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

Foghorn Therapeutics Stock Up 4.0 %

Shares of FHTX opened at $5.51 on Tuesday. The stock’s fifty day simple moving average is $7.68 and its 200-day simple moving average is $7.19. The firm has a market capitalization of $306.32 million, a PE ratio of -2.87 and a beta of 3.10. Foghorn Therapeutics has a 12-month low of $2.70 and a 12-month high of $10.25.

Insider Activity at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction 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 Securities & Exchange Commission, which is available at this link. Corporate insiders own 9.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates lifted its holdings in shares of Foghorn Therapeutics by 4.8% during the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock valued at $13,446,000 after purchasing an additional 107,967 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Foghorn Therapeutics by 30.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock worth $457,000 after buying an additional 18,664 shares during the period. Rhumbline Advisers lifted 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 buying an additional 9,171 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Foghorn Therapeutics in the second quarter valued at approximately $62,000. Finally, Deerfield Management Company L.P. Series C bought a new stake in shares of Foghorn Therapeutics during the second quarter worth $14,481,000. 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.