HC Wainwright Reiterates "Buy" Rating for Foghorn Therapeutics (NASDAQ:FHTX)

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at HC Wainwright in a research report issued 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 target price would suggest a potential upside of 135.93% from the company's previous close.

Several other research firms also recently commented on FHTX. Jefferies Financial Group dropped their target price on Foghorn Therapeutics from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Monday. Evercore ISI assumed coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They set an "outperform" rating and a $20.00 price target for the company. Finally, Morgan Stanley increased their price target on Foghorn Therapeutics from $6.00 to $9.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.80.

Foghorn Therapeutics Price Performance

Shares of FHTX remained flat at $5.51 during mid-day trading on Tuesday. 196,765 shares of the stock were exchanged, compared to its average volume of 139,949. The company has a market cap of $306.32 million, a P/E ratio of -2.87 and a beta of 3.10. The business's fifty day moving average price is $7.64 and its 200 day moving average price is $7.19. Foghorn Therapeutics has a one year low of $2.70 and a one year high of $10.25.

Insiders Place Their Bets

In other news, insider Carlos Costa sold 35,756 shares of the firm's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $10.04, for a total value of $358,990.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 9.07% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FHTX. Charles Schwab Investment Management Inc. lifted its holdings in shares of Foghorn Therapeutics by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company's stock worth $703,000 after purchasing an additional 7,000 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Foghorn Therapeutics by 129.1% during the third quarter. MetLife Investment Management LLC now owns 15,898 shares of the company's stock valued at $148,000 after buying an additional 8,958 shares during the last quarter. Rhumbline Advisers increased its position in shares of Foghorn Therapeutics by 34.3% during the second quarter. Rhumbline Advisers now owns 35,910 shares of the company's stock worth $206,000 after acquiring an additional 9,171 shares in the last quarter. Zacks Investment Management acquired a new stake in shares of Foghorn Therapeutics in the 3rd quarter worth about $96,000. Finally, SG Americas Securities LLC acquired a new position in Foghorn Therapeutics during the 3rd quarter valued at about $99,000. Institutional investors own 61.55% of the company's stock.

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.