Foghorn Therapeutics (NASDAQ:FHTX) Trading 3.3% Higher

Foghorn Therapeutics Inc. (NASDAQ:FHTX)’s stock price shot up 3.3% on Thursday . The stock traded as high as $5.79 and last traded at $5.62. 97,245 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 121,013 shares. The stock had previously closed at $5.44.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FHTX. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Foghorn Therapeutics in a research note on Tuesday, May 7th. Wedbush reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Wednesday, April 10th.

Foghorn Therapeutics Stock Up 3.3 %

The firm has a 50 day moving average of $5.72 and a two-hundred day moving average of $5.80. The firm has a market capitalization of $239.36 million, a price-to-earnings ratio of -2.55 and a beta of 3.10.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Monday, May 6th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.04). The business had revenue of $5.05 million during the quarter, compared to analysts’ expectations of $7.53 million. Sell-side analysts forecast that Foghorn Therapeutics Inc. will post -2.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

Large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its position 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 last quarter. State Board of Administration of Florida Retirement System bought a new position in shares of Foghorn Therapeutics during the first quarter worth about $77,000. Exchange Traded Concepts LLC raised its position in shares of 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 acquiring an additional 5,460 shares during the last quarter. Alta Wealth Advisors LLC bought a new position in shares of Foghorn Therapeutics during the fourth quarter worth about $194,000. Finally, Acadian Asset Management LLC bought a new position in shares of Foghorn Therapeutics during the first quarter worth about $283,000. 61.55% of the stock is currently owned by institutional investors.

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.