Jefferies Financial Group Issues Pessimistic Forecast for Foghorn Therapeutics (NASDAQ:FHTX) Stock Price

Foghorn Therapeutics (NASDAQ:FHTX) had its price target reduced by analysts at Jefferies Financial Group from $18.00 to $14.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 154.08% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Evercore ISI initiated coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price for the company. Morgan Stanley raised their target price on shares of 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.80.

Foghorn Therapeutics Stock Performance

NASDAQ:FHTX opened at $5.51 on Monday. Foghorn Therapeutics has a 1-year low of $2.70 and a 1-year high of $10.25. The firm has a fifty day simple moving average of $7.64 and a 200 day simple moving average of $7.19. The stock has a market capitalization of $306.32 million, a PE ratio of -2.87 and a beta of 3.10.

Insiders Place Their Bets

In other news, insider Carlos Costa sold 35,756 shares of Foghorn Therapeutics stock in a transaction on 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 accessible through this link. Company insiders own 9.07% of the company’s stock.

Institutional Investors Weigh In On Foghorn Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Zacks Investment Management acquired a new stake in shares of Foghorn Therapeutics during the third quarter worth $96,000. SG Americas Securities LLC acquired a new position in Foghorn Therapeutics in the third quarter valued at about $99,000. Renaissance Technologies LLC acquired a new position in Foghorn Therapeutics in the second quarter valued at about $62,000. XTX Topco Ltd acquired a new position in Foghorn Therapeutics in the third quarter valued at about $101,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Foghorn Therapeutics in the second quarter valued at about $64,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

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.