Bank of New York Mellon Corp Raises Stock Holdings in Foghorn Therapeutics Inc. (NASDAQ:FHTX)

Bank of New York Mellon Corp increased its stake in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) by 30.7% in the second quarter, HoldingsChannel reports. The firm owned 79,433 shares of the company’s stock after buying an additional 18,664 shares during the period. Bank of New York Mellon Corp’s holdings in Foghorn Therapeutics were worth $457,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FHTX. Jacobs Levy Equity Management Inc. raised its stake in Foghorn Therapeutics by 101.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock valued at $1,451,000 after buying an additional 108,700 shares during the last quarter. Raymond James & Associates grew its holdings in Foghorn Therapeutics by 4.8% during the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after acquiring an additional 107,967 shares during the period. Vanguard Group Inc. grew its holdings in Foghorn Therapeutics by 7.5% during the first quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company’s stock worth $7,398,000 after acquiring an additional 77,380 shares during the period. Birchview Capital LP grew its holdings in Foghorn Therapeutics by 21.2% during the fourth 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 during the period. Finally, Acadian Asset Management LLC acquired a new stake in Foghorn Therapeutics in the first quarter valued at approximately $283,000. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FHTX has been the topic of several research analyst reports. Evercore ISI initiated coverage on Foghorn Therapeutics in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective on the stock. Morgan Stanley raised their target price on Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a research report on Tuesday. Wedbush reiterated an “outperform” rating and set a $13.00 price objective 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 research report on Monday, August 12th. Finally, Jefferies Financial Group assumed coverage on Foghorn Therapeutics in a research report on Tuesday, September 3rd. They set a “buy” rating and a $18.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Foghorn Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Insider Activity

In related news, insider Carlos Costa sold 35,756 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $10.04, for a total transaction of $358,990.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 9.07% of the company’s stock.

Foghorn Therapeutics Stock Up 2.6 %

NASDAQ:FHTX opened at $9.56 on Wednesday. Foghorn Therapeutics Inc. has a 52 week low of $2.70 and a 52 week high of $10.25. The stock’s fifty day moving average is $7.39 and its two-hundred day moving average is $6.47. The company has a market capitalization of $407.12 million, a P/E ratio of -4.22 and a beta of 3.11.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.45) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.15. The firm had revenue of $6.89 million during the quarter, compared to analyst estimates of $6.60 million. Sell-side analysts anticipate that Foghorn Therapeutics Inc. will post -1.88 earnings per share for the current fiscal 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.