Foghorn Therapeutics (NASDAQ:FHTX) Issues Quarterly Earnings Results

Foghorn Therapeutics (NASDAQ:FHTX) issued its quarterly earnings data on Wednesday. The company reported ($0.34) 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 analysts’ expectations of $9.50 million.

Foghorn Therapeutics Stock Performance

Shares of FHTX opened at $4.92 on Friday. Foghorn Therapeutics has a 1 year low of $2.94 and a 1 year high of $6.95. The company has a market cap of $278.23 million, a price-to-earnings ratio of -4.21 and a beta of 3.02. The firm has a fifty day moving average of $5.67 and a 200-day moving average of $5.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Thursday, January 22nd. HC Wainwright reissued a “buy” rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Tuesday. Wedbush reiterated an “outperform” rating and issued a $10.00 price target on shares of Foghorn Therapeutics in a report on Thursday. Stifel Nicolaus assumed coverage on shares of Foghorn Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price target on the stock. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Foghorn Therapeutics in a research note on Thursday. One 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $11.13.

Institutional Trading of Foghorn Therapeutics

Several hedge funds have recently bought and sold shares of FHTX. Invesco Ltd. acquired a new stake in Foghorn Therapeutics in the fourth quarter worth about $58,000. XTX Topco Ltd purchased a new stake in Foghorn Therapeutics during the 4th quarter worth $85,000. Millennium Management LLC lifted its holdings in shares of Foghorn Therapeutics by 16.7% during the fourth quarter. Millennium Management LLC now owns 208,565 shares of the company’s stock valued at $1,126,000 after acquiring an additional 29,774 shares during the period. Jump Financial LLC bought a new position in Foghorn Therapeutics in the fourth quarter worth approximately $130,000. Finally, Public Employees Retirement System of Ohio increased its holdings in Foghorn Therapeutics by 350.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 14,269 shares of the company’s stock worth $77,000 after buying an additional 11,100 shares in the last quarter. 61.55% of the stock is currently owned by institutional investors.

About Foghorn Therapeutics

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.