Foghorn Therapeutics (NASDAQ:FHTX) Price Target Increased to $9.00 by Analysts at Morgan Stanley

Foghorn Therapeutics (NASDAQ:FHTX) had its target price upped by Morgan Stanley from $6.00 to $9.00 in a research report released on Tuesday, Benzinga reports. The firm currently has an equal weight rating on the stock.

FHTX has been the subject of several other research reports. Wedbush reiterated an outperform rating and set a $13.00 target price on shares of Foghorn Therapeutics in a research note on Thursday, August 8th. Evercore ISI assumed coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They set an outperform rating and a $20.00 price objective on the stock. Jefferies Financial Group assumed coverage on Foghorn Therapeutics in a research note on Tuesday, September 3rd. They issued a buy rating and a $18.00 target price for the company. Finally, HC Wainwright reiterated a buy rating and set a $20.00 price target on shares of Foghorn Therapeutics in a research report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Foghorn Therapeutics has a consensus rating of Moderate Buy and a consensus price target of $16.00.

Foghorn Therapeutics Stock Performance

Shares of Foghorn Therapeutics stock opened at $9.56 on Tuesday. The firm has a market cap of $407.12 million, a PE ratio of -4.35 and a beta of 3.11. Foghorn Therapeutics has a 1 year low of $2.70 and a 1 year high of $10.25. The firm’s 50-day simple moving average is $7.39 and its 200-day simple moving average is $6.47.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.15. The firm had revenue of $6.89 million for the quarter, compared to analyst estimates of $6.60 million. On average, equities analysts predict that Foghorn Therapeutics will post -1.88 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Carlos Costa sold 35,756 shares of Foghorn Therapeutics stock in a transaction that occurred 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 SEC, which is accessible through the SEC website. 9.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Jacobs Levy Equity Management Inc. grew its position 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 valued at $1,451,000 after buying an additional 108,700 shares in the last quarter. Raymond James & Associates boosted its holdings in shares of Foghorn Therapeutics by 4.8% in the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock valued at $13,446,000 after acquiring an additional 107,967 shares in the last quarter. Birchview Capital LP increased its stake in shares of Foghorn Therapeutics by 21.2% during the fourth 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 during the period. State Board of Administration of Florida Retirement System bought a new stake in Foghorn Therapeutics during the first quarter worth approximately $77,000. Finally, Vanguard Group Inc. lifted its position in Foghorn Therapeutics by 7.5% in the first quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company’s stock worth $7,398,000 after purchasing an additional 77,380 shares during the period. 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.