Foghorn Therapeutics (NASDAQ:FHTX) Sees Large Volume Increase

Foghorn Therapeutics Inc. (NASDAQ:FHTX) saw unusually-strong trading volume on Friday . Approximately 161,231 shares changed hands during trading, an increase of 26% from the previous session’s volume of 128,437 shares.The stock last traded at $9.10 and had previously closed at $8.88.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FHTX shares. 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 for the company. 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 price target for the company. Wedbush restated an “outperform” rating and issued a $13.00 price target on shares of Foghorn Therapeutics in a research note on Thursday, August 8th. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Foghorn Therapeutics in a research note 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. Based on data from MarketBeat.com, Foghorn Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $15.40.

Foghorn Therapeutics Stock Up 9.2 %

The company has a 50 day moving average price of $6.81 and a two-hundred day moving average price of $6.36.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.15. The firm had revenue of $6.89 million for the quarter, compared to analysts’ expectations of $6.60 million. As a group, research analysts expect that Foghorn Therapeutics Inc. will post -1.88 EPS for the current fiscal year.

Institutional Trading of Foghorn Therapeutics

A number of hedge funds have recently bought and sold shares of FHTX. Deerfield Management Company L.P. Series C purchased a new stake in Foghorn Therapeutics during the second quarter valued at $14,481,000. Perceptive Advisors LLC bought a new stake in Foghorn Therapeutics during the second quarter valued at about $3,128,000. Driehaus Capital Management LLC grew its holdings in Foghorn Therapeutics by 102.7% during the second quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock valued at $3,269,000 after purchasing an additional 288,088 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Foghorn Therapeutics by 101.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock valued at $1,451,000 after purchasing an additional 108,700 shares during the period. Finally, Raymond James & Associates grew its holdings in Foghorn Therapeutics by 4.8% during the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock valued at $13,446,000 after purchasing an additional 107,967 shares during the period. Hedge funds and other institutional investors own 61.55% of the company’s stock.

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.