Foghorn Therapeutics (NASDAQ:FHTX) PT Raised to $9.00 at Morgan Stanley

Foghorn Therapeutics (NASDAQ:FHTX) had its target price raised by research analysts at Morgan Stanley from $6.00 to $9.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential downside of 3.43% from the stock’s current price.

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

Foghorn Therapeutics Stock Down 6.7 %

NASDAQ FHTX opened at $9.32 on Tuesday. Foghorn Therapeutics has a 52 week low of $2.70 and a 52 week high of $10.25. The business has a 50 day moving average price of $7.33 and a 200-day moving average price of $6.45. The company has a market cap of $396.90 million, a price-to-earnings ratio of -4.24 and a beta of 3.11.

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

Institutional Trading of Foghorn Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers boosted its position in Foghorn Therapeutics by 34.3% in the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock worth $206,000 after purchasing an additional 9,171 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Foghorn Therapeutics in the 2nd quarter worth about $62,000. The Manufacturers Life Insurance Company bought a new position in Foghorn Therapeutics during the second quarter valued at about $64,000. State Board of Administration of Florida Retirement System purchased a new stake in Foghorn Therapeutics during the first quarter worth about $77,000. Finally, Bank of New York Mellon Corp raised its position in Foghorn Therapeutics by 30.7% in the second quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock worth $457,000 after acquiring an additional 18,664 shares during the period. 61.55% of the stock is owned by hedge funds and other institutional investors.

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.