Foghorn Therapeutics (NASDAQ:FHTX) Coverage Initiated by Analysts at B. Riley

B. Riley assumed coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a report published on Thursday morning, MarketBeat reports. The brokerage issued a buy rating and a $10.00 price target on the stock.

A number of other research analysts have also commented on FHTX. Jefferies Financial Group lowered their price objective on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. HC Wainwright reiterated a “buy” rating and issued a $13.00 target price (down from $20.00) on shares of Foghorn Therapeutics in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Foghorn Therapeutics currently has an average rating of “Buy” and a consensus target price of $13.17.

Foghorn Therapeutics Stock Up 9.0 %

Shares of FHTX opened at $4.34 on Thursday. The firm has a market capitalization of $241.35 million, a PE ratio of -2.26 and a beta of 3.21. The firm has a 50-day moving average price of $5.39 and a 200 day moving average price of $6.93. Foghorn Therapeutics has a 52-week low of $2.70 and a 52-week high of $10.25.

Hedge Funds Weigh In On Foghorn Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in FHTX. Renaissance Technologies LLC acquired a new stake in shares of Foghorn Therapeutics in the second quarter worth $62,000. The Manufacturers Life Insurance Company purchased a new stake in Foghorn Therapeutics in the 2nd quarter worth about $64,000. SG Americas Securities LLC acquired a new stake in Foghorn Therapeutics during the 3rd quarter worth about $99,000. Charles Schwab Investment Management Inc. boosted its position in Foghorn Therapeutics by 10.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company’s stock worth $703,000 after acquiring an additional 7,000 shares during the period. Finally, MetLife Investment Management LLC grew its stake in Foghorn Therapeutics by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 15,898 shares of the company’s stock valued at $148,000 after acquiring an additional 8,958 shares in the last quarter. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

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.