SCS Capital Management LLC Makes New $522,000 Investment in Foghorn Therapeutics Inc. $FHTX

SCS Capital Management LLC purchased a new stake in Foghorn Therapeutics Inc. (NASDAQ:FHTX) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 106,980 shares of the company’s stock, valued at approximately $522,000. SCS Capital Management LLC owned approximately 0.18% of Foghorn Therapeutics at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Candriam S.C.A. acquired a new position in shares of Foghorn Therapeutics during the first quarter worth about $1,500,000. Renaissance Technologies LLC increased its stake in shares of Foghorn Therapeutics by 151.8% during the fourth quarter. Renaissance Technologies LLC now owns 297,736 shares of the company’s stock worth $1,608,000 after buying an additional 179,500 shares during the period. Millennium Management LLC raised its holdings in Foghorn Therapeutics by 861.6% in the third quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock valued at $874,000 after acquiring an additional 160,197 shares in the last quarter. Raymond James Financial Inc. raised its holdings in Foghorn Therapeutics by 6.7% in the second quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock valued at $11,126,000 after acquiring an additional 148,940 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Foghorn Therapeutics by 16.9% in the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after acquiring an additional 116,979 shares during the last quarter. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on FHTX. Wall Street Zen upgraded shares of Foghorn Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Foghorn Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $11.43.

Foghorn Therapeutics Stock Performance

FHTX opened at $6.26 on Monday. Foghorn Therapeutics Inc. has a one year low of $3.27 and a one year high of $6.95. The company has a market cap of $371.72 million, a P/E ratio of -6.39 and a beta of 2.89. The business’s 50-day simple moving average is $5.00 and its 200-day simple moving average is $4.98.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.14. The business had revenue of $16.10 million for the quarter, compared to analyst estimates of $6.80 million. As a group, analysts predict that Foghorn Therapeutics Inc. will post -0.87 earnings per share for the current fiscal year.

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.