Foghorn Therapeutics Inc. (NASDAQ:FHTX) Position Lifted by Geode Capital Management LLC

Geode Capital Management LLC raised its stake in Foghorn Therapeutics Inc. (NASDAQ:FHTX) by 27.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 677,386 shares of the company’s stock after purchasing an additional 146,276 shares during the period. Geode Capital Management LLC’s holdings in Foghorn Therapeutics were worth $6,308,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FHTX. Deerfield Management Company L.P. Series C acquired a new stake in Foghorn Therapeutics during the second quarter valued at approximately $14,481,000. Driehaus Capital Management LLC increased its holdings in shares of Foghorn Therapeutics by 102.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock valued at $3,269,000 after acquiring an additional 288,088 shares during the last quarter. Perceptive Advisors LLC acquired a new stake in shares of Foghorn Therapeutics during the 2nd quarter valued at approximately $3,128,000. State Street Corp raised its position in shares of Foghorn Therapeutics by 4.9% during the 3rd quarter. State Street Corp now owns 505,945 shares of the company’s stock valued at $4,710,000 after acquiring an additional 23,630 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Foghorn Therapeutics by 30.7% during 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 and hedge funds own 61.55% of the company’s stock.

Foghorn Therapeutics Price Performance

NASDAQ:FHTX opened at $4.80 on Friday. The stock has a market cap of $266.85 million, a PE ratio of -2.50 and a beta of 3.10. Foghorn Therapeutics Inc. has a fifty-two week low of $2.70 and a fifty-two week high of $10.25. The stock’s 50-day moving average is $6.94 and its two-hundred day moving average is $7.08.

Analysts Set New Price Targets

Several research firms have recently commented on FHTX. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price target (down from $20.00) on shares of Foghorn Therapeutics in a report on Tuesday, December 17th. Jefferies Financial Group decreased their target price on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, December 16th. Finally, Morgan Stanley increased their price target on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Foghorn Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $13.80.

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.