The Manufacturers Life Insurance Company Makes New $64,000 Investment in Foghorn Therapeutics Inc. (NASDAQ:FHTX)

The Manufacturers Life Insurance Company purchased a new stake in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX) during the 2nd quarter, HoldingsChannel reports. The fund purchased 11,200 shares of the company’s stock, valued at approximately $64,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of FHTX. Deerfield Management Company L.P. Series C bought a new position in Foghorn Therapeutics during the second quarter valued at about $14,481,000. Renaissance Technologies LLC acquired a new position in shares of Foghorn Therapeutics in the 2nd quarter worth approximately $62,000. Rhumbline Advisers boosted its holdings in Foghorn Therapeutics by 34.3% during the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock worth $206,000 after buying an additional 9,171 shares in the last quarter. Bank of New York Mellon Corp grew its position in 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 buying an additional 18,664 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in shares of Foghorn Therapeutics by 4.8% in the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock valued at $13,446,000 after buying an additional 107,967 shares in the last quarter. Institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Down 5.7 %

FHTX stock opened at $7.23 on Tuesday. The company has a 50 day moving average of $8.18 and a two-hundred day moving average of $6.69. Foghorn Therapeutics Inc. has a 12-month low of $2.70 and a 12-month high of $10.25. The company has a market cap of $307.90 million, a price-to-earnings ratio of -3.29 and a beta of 3.11.

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 analysts’ consensus estimates of ($0.60) by $0.15. The firm had revenue of $6.89 million for the quarter, compared to analyst estimates of $6.60 million. On average, research analysts anticipate that Foghorn Therapeutics Inc. will post -1.88 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $20.00 target price on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Jefferies Financial Group started coverage on shares of Foghorn Therapeutics in a report on Tuesday, September 3rd. They set a “buy” rating and a $18.00 price target on the stock. Morgan Stanley lifted their price objective on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. Evercore ISI initiated coverage on Foghorn Therapeutics in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Wedbush reiterated an “outperform” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Insider Transactions at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $10.04, for a total value of $358,990.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.07% 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.