Foghorn Therapeutics (NASDAQ:FHTX) Rating Increased to Strong-Buy at Jefferies Financial Group

Foghorn Therapeutics (NASDAQ:FHTX) was upgraded by investment analysts at Jefferies Financial Group to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Wedbush reissued an “outperform” rating and issued a $10.00 price target on shares of Foghorn Therapeutics in a report on Thursday, November 6th. Stifel Nicolaus began coverage on shares of Foghorn Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Thursday, January 22nd. Guggenheim initiated coverage on Foghorn Therapeutics in a report on Friday, November 7th. They set a “buy” rating and a $12.00 price objective for the company. Finally, BTIG Research initiated coverage on Foghorn Therapeutics in a research note on Thursday, December 18th. They issued a “buy” rating and a $11.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $11.13.

Foghorn Therapeutics Price Performance

NASDAQ FHTX opened at $5.56 on Tuesday. The firm has a market cap of $314.42 million, a price-to-earnings ratio of -4.92 and a beta of 3.02. Foghorn Therapeutics has a 1 year low of $2.94 and a 1 year high of $6.95. The company has a fifty day moving average price of $5.47 and a 200-day moving average price of $4.98.

Institutional Trading of Foghorn Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FHTX. Los Angeles Capital Management LLC boosted its position in Foghorn Therapeutics by 70.7% during the 2nd quarter. Los Angeles Capital Management LLC now owns 27,099 shares of the company’s stock valued at $127,000 after acquiring an additional 11,225 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Foghorn Therapeutics in the 2nd quarter worth about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Foghorn Therapeutics by 18.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock valued at $84,000 after buying an additional 2,812 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Foghorn Therapeutics by 16.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock valued at $88,000 after purchasing an additional 2,597 shares during the last quarter. Finally, AQR Capital Management LLC bought a new stake in Foghorn Therapeutics in the 1st quarter worth about $68,000. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of novel epigenetic therapies for cancer. The company leverages its proprietary Targeted Protein Discovery Platform to identify and design small-molecule inhibitors that modulate chromatin regulatory proteins involved in tumor growth and survival. By targeting the mechanisms that control gene expression, Foghorn seeks to address unmet needs in oncology through precision medicine.

The company’s lead candidate, FHD-286, is a selective inhibitor of variant SWI/SNF chromatin remodeling complexes and is currently being evaluated in Phase 1 clinical trials for patients with solid tumors harboring specific SMARCA2 and SMARCA4 alterations.