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

B. Riley started coverage on shares of Foghorn Therapeutics (NASDAQ:FHTX) in a research report issued to clients and investors on Thursday,Benzinga reports. The firm set a “buy” rating and a $10.00 price target on the stock. B. Riley’s price objective indicates a potential upside of 151.26% from the company’s current price.

Several other analysts have also weighed in on FHTX. HC Wainwright reissued a “buy” rating and issued a $13.00 price objective (down from $20.00) on shares of Foghorn Therapeutics in a report on Tuesday, December 17th. Jefferies Financial Group lowered their price objective on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a report on Monday, December 16th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $13.17.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX opened at $3.98 on Thursday. Foghorn Therapeutics has a 1 year low of $2.70 and a 1 year high of $10.25. The firm has a market cap of $221.25 million, a price-to-earnings ratio of -2.07 and a beta of 3.21. The stock’s 50-day simple moving average is $5.46 and its 200-day simple moving average is $6.95.

Hedge Funds Weigh In On Foghorn Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in shares of Foghorn Therapeutics by 27.5% during the third quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock valued at $6,308,000 after purchasing an additional 146,276 shares during the last quarter. State Street Corp grew its holdings in shares of Foghorn Therapeutics by 4.9% during the third quarter. State Street Corp now owns 505,945 shares of the company’s stock valued at $4,710,000 after purchasing an additional 23,630 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Foghorn Therapeutics by 10.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company’s stock valued at $703,000 after purchasing an additional 7,000 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Foghorn Therapeutics by 64.9% during the third quarter. Wellington Management Group LLP now owns 72,216 shares of the company’s stock valued at $672,000 after purchasing an additional 28,427 shares during the last quarter. Finally, Walleye Capital LLC boosted its position in shares of Foghorn Therapeutics by 162.0% during the third quarter. Walleye Capital LLC now owns 44,927 shares of the company’s stock worth $418,000 after buying an additional 27,782 shares during the period. 61.55% of the stock is owned by 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.