Foghorn Therapeutics Inc. (NASDAQ:FHTX) Shares Acquired by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC increased its holdings in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) by 53.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 27,693 shares of the company’s stock after acquiring an additional 9,608 shares during the period. Exchange Traded Concepts LLC’s holdings in Foghorn Therapeutics were worth $101,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FHTX. Deerfield Management Company L.P. Series C lifted its holdings in Foghorn Therapeutics by 7.5% in the 4th quarter. Deerfield Management Company L.P. Series C now owns 3,255,514 shares of the company’s stock valued at $15,366,000 after purchasing an additional 227,628 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Foghorn Therapeutics during the 4th quarter worth $9,579,000. Geode Capital Management LLC raised its holdings in shares of Foghorn Therapeutics by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 682,863 shares of the company’s stock worth $3,224,000 after acquiring an additional 5,477 shares during the period. Point72 Asset Management L.P. increased its position in shares of Foghorn Therapeutics by 58.8% during the 4th quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company’s stock worth $2,996,000 after purchasing an additional 235,059 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Foghorn Therapeutics by 1.1% during the 4th quarter. Northern Trust Corp now owns 253,671 shares of the company’s stock worth $1,197,000 after purchasing an additional 2,873 shares during the last quarter. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Price Performance

Shares of FHTX stock opened at $4.87 on Wednesday. The business’s fifty day moving average price is $4.30 and its 200 day moving average price is $4.46. Foghorn Therapeutics Inc. has a 1-year low of $2.94 and a 1-year high of $10.25. The firm has a market capitalization of $271.45 million, a PE ratio of -3.58 and a beta of 3.04.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its earnings results on Wednesday, May 14th. The company reported ($0.30) earnings per share for the quarter, meeting the consensus estimate of ($0.30). The firm had revenue of $5.95 million during the quarter, compared to analyst estimates of $4.96 million. Equities research analysts expect that Foghorn Therapeutics Inc. will post -1.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on FHTX shares. HC Wainwright raised Foghorn Therapeutics to a “strong-buy” rating in a research report on Wednesday, May 14th. Citizens Jmp initiated coverage on Foghorn Therapeutics in a research note on Wednesday, April 23rd. They set a “mkt outperform” rating and a $9.00 target price for the company. JMP Securities reiterated a “market outperform” rating and issued a $9.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, May 15th. Finally, Citigroup initiated coverage on Foghorn Therapeutics in a research note on Wednesday, April 23rd. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $12.13.

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.