Foghorn Therapeutics (NASDAQ:FHTX) Announces Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Foghorn Therapeutics (NASDAQ:FHTX) posted its quarterly earnings results on Wednesday. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.04), FiscalAI reports. The business had revenue of $9.25 million for the quarter, compared to the consensus estimate of $9.50 million.

Foghorn Therapeutics Trading Up 2.9%

FHTX traded up $0.16 on Wednesday, reaching $5.65. The stock had a trading volume of 107,567 shares, compared to its average volume of 166,340. The business’s 50-day moving average price is $5.67 and its two-hundred day moving average price is $5.05. The company has a market cap of $319.51 million, a P/E ratio of -5.00 and a beta of 3.02. Foghorn Therapeutics has a 12-month low of $2.94 and a 12-month high of $6.95.

Wall Street Analysts Forecast Growth

FHTX has been the topic of a number of research reports. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Tuesday. Stifel Nicolaus started coverage on shares of Foghorn Therapeutics in a report on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 price target on the stock. Wall Street Zen raised Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Jefferies Financial Group began coverage on Foghorn Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $12.00 price objective for the company. Finally, BTIG Research started coverage on Foghorn Therapeutics in a report on Thursday, December 18th. They issued a “buy” rating and a $11.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Foghorn Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $11.13.

Hedge Funds Weigh In On Foghorn Therapeutics

Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC increased its position in shares of Foghorn Therapeutics by 151.8% in the fourth quarter. Renaissance Technologies LLC now owns 297,736 shares of the company’s stock valued at $1,608,000 after buying an additional 179,500 shares in the last quarter. Millennium Management LLC increased its holdings in Foghorn Therapeutics by 861.6% in the 3rd quarter. Millennium Management LLC now owns 178,791 shares of the company’s stock worth $874,000 after acquiring an additional 160,197 shares in the last quarter. Raymond James Financial Inc. grew its position in shares of 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 purchasing an additional 148,940 shares during the period. Geode Capital Management LLC raised its position in shares of Foghorn Therapeutics by 16.9% during the 2nd quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after purchasing an additional 116,979 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new stake in Foghorn Therapeutics in the 2nd quarter worth about $528,000. 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.