Foghorn Therapeutics Inc. (NASDAQ:FHTX) Given Consensus Rating of “Buy” by Analysts

Foghorn Therapeutics Inc. (NASDAQ:FHTX) has been given a consensus rating of “Buy” by the six ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $13.17.

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

Foghorn Therapeutics Stock Performance

Shares of FHTX opened at $4.37 on Thursday. The stock’s 50-day simple moving average is $5.10 and its 200 day simple moving average is $6.88. The stock has a market capitalization of $243.02 million, a price-to-earnings ratio of -2.28 and a beta of 3.19. Foghorn Therapeutics has a 52-week low of $2.81 and a 52-week high of $10.25.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. purchased a new stake in Foghorn Therapeutics during the 4th quarter valued at about $56,000. Renaissance Technologies LLC purchased a new stake in Foghorn Therapeutics during the 2nd quarter valued at about $62,000. The Manufacturers Life Insurance Company purchased a new stake in Foghorn Therapeutics during the 2nd quarter valued at about $64,000. Los Angeles Capital Management LLC purchased a new stake in Foghorn Therapeutics during the 4th quarter valued at about $75,000. Finally, Zacks Investment Management purchased a new stake in Foghorn Therapeutics during the 3rd quarter valued at about $96,000. 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.