Foghorn Therapeutics (NASDAQ:FHTX) Sets New 12-Month High at $9.22

Foghorn Therapeutics Inc. (NASDAQ:FHTX) shares hit a new 52-week high during trading on Monday . The stock traded as high as $9.22 and last traded at $9.10, with a volume of 149153 shares. The stock had previously closed at $7.53.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FHTX. Wedbush reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, August 8th. Jefferies Financial Group started coverage on Foghorn Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 price target for the company. Evercore ISI assumed coverage on Foghorn Therapeutics in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $20.00 price target on shares of Foghorn Therapeutics in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.40.

Foghorn Therapeutics Stock Performance

The stock has a market cap of $394.77 million, a P/E ratio of -4.39 and a beta of 3.11. The firm has a 50 day moving average of $6.67 and a two-hundred day moving average of $6.32.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings data 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 analyst estimates of $6.60 million. On average, sell-side analysts anticipate that Foghorn Therapeutics Inc. will post -1.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Perceptive Advisors LLC acquired a new stake in Foghorn Therapeutics during the second quarter worth about $3,128,000. Driehaus Capital Management LLC lifted its position in shares of Foghorn Therapeutics by 102.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock worth $3,269,000 after acquiring an additional 288,088 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Foghorn Therapeutics during the 2nd quarter worth approximately $64,000. Deerfield Management Company L.P. Series C acquired a new stake in shares of Foghorn Therapeutics during the 2nd quarter worth approximately $14,481,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Foghorn Therapeutics during the second quarter valued at approximately $62,000. 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.