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

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

Foghorn Therapeutics Stock Up 2.9%

Shares of NASDAQ:FHTX opened at $5.65 on Thursday. The stock has a market cap of $319.51 million, a PE ratio of -5.00 and a beta of 3.02. The company’s fifty day moving average is $5.68 and its 200 day moving average is $5.06. Foghorn Therapeutics has a 52 week low of $2.94 and a 52 week high of $6.95.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FHTX. Stifel Nicolaus started coverage on Foghorn Therapeutics in a research note on Wednesday, December 3rd. They issued a “buy” rating and a $12.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Thursday, January 22nd. BTIG Research assumed coverage on Foghorn Therapeutics in a research note on Thursday, December 18th. They issued a “buy” rating and a $11.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research note on Tuesday. Finally, Jefferies Financial Group started coverage on Foghorn Therapeutics in a report on Tuesday, February 17th. They issued a “buy” rating and a $12.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.13.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its stake in shares of Foghorn Therapeutics by 13,755.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock valued at $27,000 after acquiring an additional 5,502 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Foghorn Therapeutics by 48.0% in the third quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock valued at $35,000 after purchasing an additional 2,305 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Foghorn Therapeutics by 136.8% in the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock valued at $43,000 after purchasing an additional 5,323 shares during the last quarter. Occudo Quantitative Strategies LP purchased a new stake in shares of Foghorn Therapeutics during the third quarter valued at approximately $58,000. Finally, Invesco Ltd. bought a new position in shares of Foghorn Therapeutics in the fourth quarter worth approximately $58,000. 61.55% of the stock is owned by institutional investors.

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.