Perceptive Advisors LLC Buys New Position in Foghorn Therapeutics Inc. (NASDAQ:FHTX)

Perceptive Advisors LLC purchased a new position in Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 544,000 shares of the company's stock, valued at approximately $3,128,000. Perceptive Advisors LLC owned approximately 1.28% of Foghorn Therapeutics at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of FHTX. Jacobs Levy Equity Management Inc. boosted its stake in 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 purchasing an additional 108,700 shares during the period. Raymond James & Associates increased its stake in Foghorn Therapeutics by 4.8% in the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company's stock valued at $13,446,000 after buying an additional 107,967 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Foghorn Therapeutics by 30.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company's stock valued at $457,000 after buying an additional 18,664 shares during the period. Birchview Capital LP grew its holdings in shares of Foghorn Therapeutics by 21.2% during the 4th quarter. Birchview Capital LP now owns 320,930 shares of the company's stock valued at $2,070,000 after acquiring an additional 56,087 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System acquired a new position in shares of Foghorn Therapeutics in the first quarter worth $77,000. 61.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Foghorn Therapeutics

In other 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 transaction of $358,990.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 9.07% of the company's stock.

Foghorn Therapeutics Trading Down 0.5 %

Shares of NASDAQ:FHTX traded down $0.05 during midday trading on Monday, hitting $9.31. The company had a trading volume of 105,821 shares, compared to its average volume of 138,085. The firm has a fifty day simple moving average of $7.64 and a 200 day simple moving average of $6.54. The stock has a market cap of $396.48 million, a price-to-earnings ratio of -4.25 and a beta of 3.11. Foghorn Therapeutics Inc. has a 12 month low of $2.70 and a 12 month high of $10.25.

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, topping the consensus estimate of ($0.60) by $0.15. The company had revenue of $6.89 million for the quarter, compared to analyst estimates of $6.60 million. Equities analysts forecast that Foghorn Therapeutics Inc. will post -1.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FHTX. HC Wainwright reaffirmed a "buy" rating and issued a $20.00 target price on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Jefferies Financial Group started coverage on shares of Foghorn Therapeutics in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $18.00 target price for the company. Wedbush restated an "outperform" rating and set a $13.00 price target on shares of Foghorn Therapeutics in a report on Thursday, August 8th. Evercore ISI assumed coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They set an "outperform" rating and a $20.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Foghorn Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $16.00.

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.