Morgan Stanley Boosts Foghorn Therapeutics (NASDAQ:FHTX) Price Target to $9.00

Foghorn Therapeutics (NASDAQ:FHTX) had its price target upped by Morgan Stanley from $6.00 to $9.00 in a research report report published on Tuesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Wedbush reiterated an outperform rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a research report on Thursday, August 8th. Evercore ISI started coverage on shares of Foghorn Therapeutics in a research report on Monday, August 19th. They set an outperform rating and a $20.00 price objective on the stock. HC Wainwright restated a buy rating and issued a $20.00 price target on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Finally, Jefferies Financial Group initiated coverage on shares of Foghorn Therapeutics in a research note on Tuesday, September 3rd. They set a buy rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Foghorn Therapeutics currently has a consensus rating of Moderate Buy and an average price target of $16.00.

Foghorn Therapeutics Trading Up 5.8 %

NASDAQ FHTX opened at $9.68 on Tuesday. The stock has a market cap of $535.59 million, a price-to-earnings ratio of -4.40 and a beta of 3.11. Foghorn Therapeutics has a 12 month low of $2.70 and a 12 month high of $10.25. The company’s 50 day moving average is $7.58 and its two-hundred day moving average is $6.53.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.15. The company had revenue of $6.89 million for the quarter, compared to the consensus estimate of $6.60 million. Sell-side analysts forecast that Foghorn Therapeutics will post -1.88 EPS for the current year.

Insider Activity at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction on Friday, September 20th. The shares were 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 SEC, which is accessible through this hyperlink. 9.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Rhumbline Advisers increased its position in Foghorn Therapeutics by 34.3% during the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock valued at $206,000 after acquiring an additional 9,171 shares during the last quarter. Renaissance Technologies LLC bought a new position in Foghorn Therapeutics during the second quarter valued at $62,000. The Manufacturers Life Insurance Company bought a new position in Foghorn Therapeutics during the second quarter valued at $64,000. State Board of Administration of Florida Retirement System bought a new position in Foghorn Therapeutics during the first quarter valued at $77,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Foghorn Therapeutics by 30.7% in the second quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock worth $457,000 after purchasing an additional 18,664 shares during the last quarter. Institutional investors 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.