Foghorn Therapeutics (NASDAQ:FHTX) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Foghorn Therapeutics (NASDAQ:FHTX) posted its quarterly earnings data on Monday. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.03, Zacks reports.

Foghorn Therapeutics Stock Up 10.9%

Shares of FHTX traded up $0.39 during mid-day trading on Wednesday, reaching $3.92. 188,541 shares of the company’s stock were exchanged, compared to its average volume of 142,112. The company has a 50-day simple moving average of $4.70 and a two-hundred day simple moving average of $4.79. Foghorn Therapeutics has a 52-week low of $2.94 and a 52-week high of $9.70. The company has a market cap of $221.31 million, a price-to-earnings ratio of -3.29 and a beta of 3.02.

Wall Street Analysts Forecast Growth

FHTX has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Wednesday, October 8th. B. Riley assumed coverage on Foghorn Therapeutics in a research report on Wednesday, September 17th. They set a “buy” rating and a $10.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $11.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. boosted its stake in shares of Foghorn Therapeutics by 6.7% during the 2nd quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company’s stock worth $11,126,000 after purchasing an additional 148,940 shares during the last quarter. Geode Capital Management LLC boosted its position in Foghorn Therapeutics by 16.9% during the second quarter. Geode Capital Management LLC now owns 807,674 shares of the company’s stock worth $3,797,000 after acquiring an additional 116,979 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in Foghorn Therapeutics during the second quarter worth approximately $528,000. Bridgeway Capital Management LLC grew its stake in Foghorn Therapeutics by 63.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 64,100 shares of the company’s stock worth $301,000 after acquiring an additional 25,000 shares during the period. Finally, Jane Street Group LLC acquired a new position in Foghorn Therapeutics in the 2nd quarter valued at $102,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

About Foghorn Therapeutics

Foghorn Therapeutics Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of medicines targeting genetically determined dependencies within the chromatin regulatory system in the United States. The company uses its proprietary Gene Traffic Control platform to identify, validate, and potentially drug targets within the system.