Exchange Traded Concepts LLC Lowers Holdings in Foghorn Therapeutics Inc. (NASDAQ:FHTX)

Exchange Traded Concepts LLC cut its stake in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) by 49.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,085 shares of the company’s stock after selling 17,836 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Foghorn Therapeutics were worth $168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in Foghorn Therapeutics during the third quarter worth about $99,000. Perceptive Advisors LLC purchased a new stake in shares of Foghorn Therapeutics in the 2nd quarter valued at $3,128,000. Driehaus Capital Management LLC lifted its stake in shares of Foghorn Therapeutics by 102.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock valued at $3,269,000 after acquiring an additional 288,088 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Foghorn Therapeutics during the 2nd quarter valued at about $64,000. Finally, Deerfield Management Company L.P. Series C bought a new position in Foghorn Therapeutics during the 2nd quarter worth approximately $14,481,000. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Foghorn Therapeutics

In other news, insider Carlos Costa sold 35,756 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $10.04, for a total value of $358,990.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 9.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FHTX shares. Wedbush reiterated an “outperform” rating and set a $13.00 target price on shares of Foghorn Therapeutics in a report on Thursday, August 8th. Jefferies Financial Group initiated coverage on shares of Foghorn Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $20.00 price objective on shares of Foghorn Therapeutics in a research note on Monday, August 12th. Evercore ISI started coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price for the company. Finally, Morgan Stanley lifted their price target on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Foghorn Therapeutics Stock Down 5.7 %

Shares of NASDAQ FHTX opened at $7.23 on Tuesday. Foghorn Therapeutics Inc. has a twelve month low of $2.70 and a twelve month high of $10.25. The company has a 50 day moving average of $8.18 and a 200 day moving average of $6.69. The firm has a market cap of $307.90 million, a P/E ratio of -3.29 and a beta of 3.11.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its earnings results on Thursday, August 8th. The company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.15. The business had revenue of $6.89 million during the quarter, compared to analysts’ expectations of $6.60 million. As a group, equities analysts expect that Foghorn Therapeutics Inc. will post -1.88 earnings per share for the current fiscal year.

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.