Point72 Asset Management L.P. Has $2.34 Million Stock Holdings in Foghorn Therapeutics Inc. (NASDAQ:FHTX)

Point72 Asset Management L.P. trimmed its holdings in Foghorn Therapeutics Inc. (NASDAQ:FHTX) by 7.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 406,641 shares of the company’s stock after selling 30,728 shares during the period. Point72 Asset Management L.P. owned about 0.95% of Foghorn Therapeutics worth $2,338,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Birchview Capital LP lifted its position in Foghorn Therapeutics by 21.2% in 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. State Board of Administration of Florida Retirement System bought a new position in shares of Foghorn Therapeutics in the first quarter valued at approximately $77,000. Vanguard Group Inc. lifted its holdings in shares of Foghorn Therapeutics by 7.5% in the first quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company’s stock valued at $7,398,000 after purchasing an additional 77,380 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Foghorn Therapeutics during the first quarter valued at approximately $283,000. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Foghorn Therapeutics by 101.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock worth $1,451,000 after buying an additional 108,700 shares in the last quarter. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Foghorn Therapeutics Stock Performance

NASDAQ FHTX opened at $7.48 on Friday. The company has a market capitalization of $318.54 million, a PE ratio of -3.40 and a beta of 3.11. Foghorn Therapeutics Inc. has a 52-week low of $2.70 and a 52-week high of $10.25. The company has a 50-day simple moving average of $7.81 and a 200 day simple moving average of $6.60.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly 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 analysts’ expectations of $6.60 million. As a group, analysts forecast that Foghorn Therapeutics Inc. will post -1.88 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FHTX has been the topic of several recent analyst reports. Morgan Stanley raised their price objective 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. Jefferies Financial Group initiated coverage on shares of Foghorn Therapeutics in a research report on Tuesday, September 3rd. They set a “buy” rating and a $18.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Wedbush reissued an “outperform” rating and set a $13.00 target price on shares of Foghorn Therapeutics in a research report on Thursday, August 8th. Finally, Evercore ISI assumed coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

Insider Buying and Selling at Foghorn Therapeutics

In other news, insider Carlos Costa sold 35,756 shares of the 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.07% of the company’s stock.

Foghorn Therapeutics 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.