Jefferies Financial Group Lowers Foghorn Therapeutics (NASDAQ:FHTX) Price Target to $14.00

Foghorn Therapeutics (NASDAQ:FHTX) had its price target dropped by equities research analysts at Jefferies Financial Group from $18.00 to $14.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 177.78% from the stock’s previous close.

Several other research firms have also recently commented on FHTX. Evercore ISI initiated coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 target price for the company. Morgan Stanley increased their target price on Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Foghorn Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $15.20.

Foghorn Therapeutics Stock Down 4.9 %

Shares of Foghorn Therapeutics stock traded down $0.26 on Monday, hitting $5.04. 471,144 shares of the company’s stock traded hands, compared to its average volume of 138,633. The stock has a market cap of $280.19 million, a P/E ratio of -2.61 and a beta of 3.10. The firm’s 50-day moving average is $7.73 and its 200 day moving average is $7.19. Foghorn Therapeutics has a 52-week low of $2.70 and a 52-week high of $10.25.

Insider Buying and Selling

In other news, insider Carlos Costa sold 35,756 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $10.04, for a total transaction of $358,990.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 9.07% of the company’s stock.

Institutional Trading of Foghorn Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 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. Raymond James & Associates grew its holdings in shares of Foghorn Therapeutics by 4.8% during the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after purchasing an additional 107,967 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Foghorn Therapeutics by 27.5% during the 3rd quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock worth $6,308,000 after purchasing an additional 146,276 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Foghorn Therapeutics by 102.7% during the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock worth $3,269,000 after purchasing an additional 288,088 shares in the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in shares of Foghorn Therapeutics during the 2nd quarter worth approximately $3,128,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

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.