Foghorn Therapeutics (NASDAQ:FHTX) Issues Earnings Results, Beats Estimates By $0.13 EPS

Foghorn Therapeutics (NASDAQ:FHTX) posted its quarterly earnings data on Thursday. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.13, Zacks reports.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX traded up $0.69 during mid-day trading on Thursday, reaching $5.57. The company had a trading volume of 365,677 shares, compared to its average volume of 226,634. The company has a market capitalization of $327.01 million, a price-to-earnings ratio of -4.80 and a beta of 2.89. The stock has a fifty day moving average of $4.69 and a two-hundred day moving average of $4.96. Foghorn Therapeutics has a 12-month low of $3.27 and a 12-month high of $6.95.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. purchased a new stake in Foghorn Therapeutics in the 4th quarter worth approximately $58,000. XTX Topco Ltd purchased a new position in shares of Foghorn Therapeutics during the 4th quarter valued at $85,000. Millennium Management LLC grew its holdings in shares of Foghorn Therapeutics by 16.7% during the 4th 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 in the last quarter. Jump Financial LLC acquired a new position in shares of Foghorn Therapeutics in the fourth quarter worth $130,000. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Foghorn Therapeutics by 350.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 14,269 shares of the company’s stock worth $77,000 after acquiring an additional 11,100 shares during the last quarter. Institutional investors and hedge funds own 61.55% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. Wall Street Zen cut Foghorn Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Foghorn Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $11.43.

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.