B. Riley Upgrades Foghorn Therapeutics (NASDAQ:FHTX) to “Strong-Buy”

Foghorn Therapeutics (NASDAQ:FHTX) was upgraded by B. Riley to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other brokerages have also recently issued reports on FHTX. Jefferies Financial Group cut their target price on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and set a $13.00 price objective (down from $20.00) on shares of Foghorn Therapeutics in a report on Tuesday, December 17th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Foghorn Therapeutics has an average rating of “Buy” and a consensus target price of $13.17.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ:FHTX opened at $4.34 on Wednesday. Foghorn Therapeutics has a 52-week low of $2.70 and a 52-week high of $10.25. The business’s 50 day simple moving average is $5.39 and its two-hundred day simple moving average is $6.93. The firm has a market cap of $241.35 million, a P/E ratio of -2.26 and a beta of 3.21.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FHTX. China Universal Asset Management Co. Ltd. bought a new stake in shares of Foghorn Therapeutics in the 4th quarter worth approximately $56,000. Renaissance Technologies LLC purchased a new stake in Foghorn Therapeutics in the second quarter worth $62,000. The Manufacturers Life Insurance Company bought a new stake in shares of Foghorn Therapeutics in the second quarter valued at $64,000. Zacks Investment Management purchased a new position in shares of Foghorn Therapeutics during the 3rd quarter valued at $96,000. Finally, SG Americas Securities LLC bought a new position in shares of Foghorn Therapeutics during the 3rd quarter worth $99,000. 61.55% of the stock is currently 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.