The Manufacturers Life Insurance Company Makes New Investment in Foghorn Therapeutics Inc. (NASDAQ:FHTX)

The Manufacturers Life Insurance Company acquired a new stake in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 11,200 shares of the company’s stock, valued at approximately $64,000.

Other hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in Foghorn Therapeutics in the second quarter valued at about $62,000. State Board of Administration of Florida Retirement System purchased a new position in shares of Foghorn Therapeutics during the 1st quarter valued at approximately $77,000. Rhumbline Advisers grew its position in shares of Foghorn Therapeutics by 34.3% during the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock worth $206,000 after buying an additional 9,171 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Foghorn Therapeutics in the first quarter worth $283,000. Finally, Bank of New York Mellon Corp raised its holdings 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 valued at $457,000 after acquiring an additional 18,664 shares in the last quarter. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Insider Buying and Selling at Foghorn Therapeutics

In other news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $10.04, for a total transaction of $358,990.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.07% of the stock is currently owned by company insiders.

Foghorn Therapeutics Stock Down 5.7 %

Shares of FHTX stock opened at $7.23 on Tuesday. The company has a market cap of $307.90 million, a P/E ratio of -3.29 and a beta of 3.11. The business has a 50 day moving average of $8.18 and a two-hundred day moving average of $6.69. Foghorn Therapeutics Inc. has a 52 week low of $2.70 and a 52 week high of $10.25.

Foghorn Therapeutics (NASDAQ:FHTX) last announced 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 during the quarter, compared to the consensus estimate of $6.60 million. Analysts expect that Foghorn Therapeutics Inc. will post -1.88 EPS for the current fiscal year.

Analysts Set New Price Targets

FHTX has been the subject of several recent analyst reports. Morgan Stanley raised their price objective on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 24th. HC Wainwright reiterated a “buy” rating and issued a $20.00 price target on shares of Foghorn Therapeutics in a research note on Monday, August 12th. Evercore ISI assumed 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. Jefferies Financial Group initiated coverage on Foghorn Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 target price for the company. Finally, Wedbush reissued an “outperform” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Foghorn Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

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.