Jefferies Financial Group Issues Pessimistic Forecast for Foghorn Therapeutics (NASDAQ:FHTX) Stock Price

Foghorn Therapeutics (NASDAQ:FHTX) had its price objective trimmed by Jefferies Financial Group from $18.00 to $14.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also commented on FHTX. Evercore ISI assumed coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. Morgan Stanley lifted their price objective on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.20.

Foghorn Therapeutics Trading Up 4.0 %

Shares of Foghorn Therapeutics stock opened at $5.51 on Monday. The stock’s fifty day moving average price is $7.68 and its 200-day moving average price is $7.19. The firm has a market cap of $306.32 million, a P/E ratio of -2.87 and a beta of 3.10. Foghorn Therapeutics has a 12 month low of $2.70 and a 12 month high of $10.25.

Insiders Place Their Bets

In other news, insider Carlos Costa sold 35,756 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was 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.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Foghorn Therapeutics by 10.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company’s stock worth $703,000 after buying an additional 7,000 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Foghorn Therapeutics by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 15,898 shares of the company’s stock valued at $148,000 after acquiring an additional 8,958 shares during the period. Rhumbline Advisers raised its stake in Foghorn Therapeutics by 34.3% in the 2nd quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock worth $206,000 after acquiring an additional 9,171 shares during the last quarter. Zacks Investment Management acquired a new stake in Foghorn Therapeutics during the 3rd quarter worth about $96,000. Finally, SG Americas Securities LLC purchased a new stake in Foghorn Therapeutics during the 3rd quarter valued at about $99,000. 61.55% of the stock is owned by institutional investors and hedge funds.

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.