Foghorn Therapeutics (NASDAQ:FHTX) Issues Quarterly Earnings Results

Foghorn Therapeutics (NASDAQ:FHTX) issued its earnings results on Thursday. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.14, Zacks reports. The business had revenue of $16.10 million for the quarter, compared to the consensus estimate of $6.80 million.

Foghorn Therapeutics Price Performance

NASDAQ FHTX traded up $0.50 during trading on Friday, hitting $6.07. The company’s stock had a trading volume of 280,894 shares, compared to its average volume of 225,309. The business’s 50 day simple moving average is $4.69 and its 200-day simple moving average is $4.96. Foghorn Therapeutics has a fifty-two week low of $3.27 and a fifty-two week high of $6.95.

Hedge Funds Weigh In On Foghorn Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of FHTX. Jump Financial LLC purchased a new stake in shares of Foghorn Therapeutics during the fourth quarter valued at $130,000. Public Employees Retirement System of Ohio raised its stake 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 acquiring an additional 11,100 shares during the last quarter. Bank of America Corp DE lifted its position in Foghorn Therapeutics by 31.3% during the 2nd quarter. Bank of America Corp DE now owns 31,297 shares of the company’s stock worth $147,000 after acquiring an additional 7,462 shares during the period. Jane Street Group LLC acquired a new stake in Foghorn Therapeutics during the 2nd quarter worth about $102,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Foghorn Therapeutics by 18.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock valued at $84,000 after purchasing an additional 2,812 shares during the last quarter. 61.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FHTX has been the subject of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Friday, July 17th. Wall Street Zen downgraded shares of Foghorn Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.