Deerfield Management Company L.P. Series C Takes Position in Foghorn Therapeutics Inc. (NASDAQ:FHTX)

Deerfield Management Company L.P. Series C purchased a new stake in Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,518,500 shares of the company's stock, valued at approximately $14,481,000. Deerfield Management Company L.P. Series C owned 5.91% of Foghorn Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in the company. Birchview Capital LP grew its holdings in Foghorn Therapeutics by 21.2% during the 4th quarter. Birchview Capital LP now owns 320,930 shares of the company's stock worth $2,070,000 after acquiring an additional 56,087 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new stake in Foghorn Therapeutics during the first quarter worth $77,000. Vanguard Group Inc. boosted its position in Foghorn Therapeutics by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company's stock valued at $7,398,000 after acquiring an additional 77,380 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Foghorn Therapeutics in the 1st quarter valued at $283,000. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Foghorn Therapeutics by 101.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company's stock worth $1,451,000 after acquiring an additional 108,700 shares in the last quarter. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Foghorn Therapeutics

In other Foghorn Therapeutics news, insider Carlos Costa sold 35,756 shares of Foghorn Therapeutics 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 hyperlink. 9.07% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FHTX has been the subject of a number of recent research reports. Jefferies Financial Group assumed coverage on shares of Foghorn Therapeutics in a report on Tuesday, September 3rd. They issued a "buy" rating and a $18.00 target price for the company. Morgan Stanley raised their target price 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. Wedbush reaffirmed an "outperform" rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research report on Thursday, August 8th. HC Wainwright reiterated a "buy" rating and set a $20.00 price objective on shares of Foghorn Therapeutics in a report on Monday, August 12th. Finally, Evercore ISI initiated coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They set an "outperform" rating and a $20.00 target price on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $16.00.

Foghorn Therapeutics Stock Performance

NASDAQ FHTX traded up $0.53 during trading hours on Thursday, reaching $9.68. The stock had a trading volume of 104,156 shares, compared to its average volume of 138,452. Foghorn Therapeutics Inc. has a 52-week low of $2.70 and a 52-week high of $10.25. The stock has a market cap of $535.59 million, a P/E ratio of -4.40 and a beta of 3.11. The stock has a fifty day moving average of $7.58 and a 200 day moving average of $6.53.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.60) by $0.15. The business had revenue of $6.89 million for the quarter, compared to analyst estimates of $6.60 million. On average, equities research analysts forecast that Foghorn Therapeutics Inc. will post -1.88 EPS for the current year.

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.