Foghorn Therapeutics (NASDAQ:FHTX) Stock Rating Reaffirmed by HC Wainwright

Foghorn Therapeutics (NASDAQ:FHTX)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued on Tuesday, Benzinga reports. They currently have a $20.00 target price on the stock. HC Wainwright’s price target suggests a potential upside of 234.45% from the stock’s current price.

Separately, Wedbush reaffirmed an “outperform” rating and issued a $13.00 target price on shares of Foghorn Therapeutics in a report on Wednesday, April 10th.

Foghorn Therapeutics Stock Up 6.2 %

Foghorn Therapeutics stock opened at $5.98 on Tuesday. The company’s 50 day moving average is $6.41 and its two-hundred day moving average is $5.35. The firm has a market cap of $254.57 million, a PE ratio of -2.39 and a beta of 3.15. Foghorn Therapeutics has a 52-week low of $2.70 and a 52-week high of $9.97.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Thursday, March 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.22. The company had revenue of $5.77 million during the quarter, compared to analysts’ expectations of $4.91 million. On average, equities research analysts anticipate that Foghorn Therapeutics will post -2.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James & Associates lifted its stake in Foghorn Therapeutics by 19.8% during the third quarter. Raymond James & Associates now owns 1,426,226 shares of the company’s stock worth $7,131,000 after purchasing an additional 235,237 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Foghorn Therapeutics by 788.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,000 shares of the company’s stock worth $32,000 after acquiring an additional 4,437 shares during the period. Exchange Traded Concepts LLC raised its holdings in Foghorn Therapeutics by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 21,535 shares of the company’s stock worth $139,000 after purchasing an additional 5,460 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in Foghorn Therapeutics in the third quarter valued at about $173,000. Finally, State Board of Administration of Florida Retirement System purchased a new stake in Foghorn Therapeutics in the 1st quarter valued at approximately $77,000. 61.55% of the stock is owned by institutional investors and hedge funds.

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.