Wall Street Zen Upgrades Foghorn Therapeutics (NASDAQ:FHTX) to Buy

Foghorn Therapeutics (NASDAQ:FHTX) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Several other research analysts have also recently commented on the stock. B. Riley began coverage on shares of Foghorn Therapeutics in a report on Wednesday, September 17th. They set a “buy” rating and a $10.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Wednesday, October 8th. Guggenheim began coverage on Foghorn Therapeutics in a research report on Friday, November 7th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Wedbush reiterated an “outperform” rating and set a $10.00 target price on shares of Foghorn Therapeutics in a report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Foghorn Therapeutics currently has an average rating of “Buy” and a consensus price target of $11.00.

Foghorn Therapeutics Stock Performance

FHTX opened at $4.73 on Friday. The business has a 50 day moving average price of $4.47 and a 200 day moving average price of $4.82. Foghorn Therapeutics has a twelve month low of $2.94 and a twelve month high of $8.44. The firm has a market cap of $267.48 million, a P/E ratio of -4.19 and a beta of 3.02.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Wednesday, November 5th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.06. The firm had revenue of $8.15 million during the quarter, compared to the consensus estimate of $6.20 million. As a group, analysts anticipate that Foghorn Therapeutics will post -1.55 earnings per share for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of FHTX. Russell Investments Group Ltd. lifted its position in shares of Foghorn Therapeutics by 13,755.0% in the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after buying an additional 5,502 shares during the last quarter. Evelyn Partners Asset Management Ltd bought a new stake in Foghorn Therapeutics in the 2nd quarter valued at $33,000. BNP Paribas Financial Markets lifted its holdings in Foghorn Therapeutics by 48.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock valued at $35,000 after purchasing an additional 2,305 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Foghorn Therapeutics by 136.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock valued at $43,000 after purchasing an additional 5,323 shares during the last quarter. Finally, Alta Wealth Advisors LLC bought a new position in Foghorn Therapeutics during the third quarter worth $49,000. Institutional investors own 61.55% of the company’s stock.

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.