Foghorn Therapeutics (NASDAQ:FHTX) Receives Outperform Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research note published on Wednesday morning, Benzinga reports. They currently have a $13.00 price objective on the stock.

Foghorn Therapeutics Price Performance

Foghorn Therapeutics stock opened at $7.26 on Wednesday. The firm has a market capitalization of $309.06 million, a P/E ratio of -3.10 and a beta of 3.13. Foghorn Therapeutics has a one year low of $2.70 and a one year high of $9.97. The business has a fifty day moving average price of $6.26 and a 200-day moving average price of $5.12.

Foghorn Therapeutics (NASDAQ:FHTX) last released its earnings results on Thursday, March 7th. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.22. The firm had revenue of $5.77 million during the quarter, compared to the consensus estimate of $4.91 million. Sell-side analysts expect that Foghorn Therapeutics will post -2.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

Several large investors have recently made changes to their positions in FHTX. Tower Research Capital LLC TRC lifted its holdings in shares of Foghorn Therapeutics by 92.0% during the third quarter. Tower Research Capital LLC TRC now owns 3,687 shares of the company’s stock valued at $31,000 after purchasing an additional 1,767 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Foghorn Therapeutics by 788.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,000 shares of the company’s stock worth $32,000 after purchasing an additional 4,437 shares during the period. UBS Group AG purchased a new position in shares of Foghorn Therapeutics during the 4th quarter valued at about $32,000. Wells Fargo & Company MN increased its stake in shares of Foghorn Therapeutics by 1,368.4% in the fourth quarter. Wells Fargo & Company MN now owns 5,389 shares of the company’s stock worth $34,000 after purchasing an additional 5,022 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Foghorn Therapeutics by 533.5% in the fourth quarter. Barclays PLC now owns 5,397 shares of the company’s stock worth $34,000 after acquiring an additional 4,545 shares during the period. 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.