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

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

Foghorn Therapeutics Trading Up 2.9%

FHTX traded up $0.16 during trading on Wednesday, reaching $5.65. 107,567 shares of the company’s stock were exchanged, compared to its average volume of 165,994. Foghorn Therapeutics has a one year low of $2.94 and a one year high of $6.95. The firm has a fifty day moving average price of $5.67 and a two-hundred day moving average price of $5.05. The stock has a market capitalization of $319.51 million, a PE ratio of -5.00 and a beta of 3.02.

Wall Street Analyst Weigh In

Several analysts recently weighed in on FHTX shares. BTIG Research initiated coverage on Foghorn Therapeutics in a research note on Thursday, December 18th. They issued a “buy” rating and a $11.00 price objective on the stock. Jefferies Financial Group started coverage on Foghorn Therapeutics in a research note on Tuesday, February 17th. They set a “buy” rating and a $12.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a report on Thursday, January 22nd. Wall Street Zen upgraded shares of Foghorn Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. Finally, Stifel Nicolaus assumed coverage on shares of Foghorn Therapeutics in a report on Wednesday, December 3rd. They set a “buy” rating and a $12.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Foghorn Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $11.13.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of hedge funds have recently modified their holdings of the business. Jump Financial LLC acquired a new stake in Foghorn Therapeutics in the fourth quarter valued at $130,000. Jane Street Group LLC acquired a new position in Foghorn Therapeutics during the 2nd quarter worth about $102,000. JPMorgan Chase & Co. grew its position in shares of Foghorn Therapeutics by 16.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,723 shares of the company’s stock valued at $88,000 after buying an additional 2,597 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Foghorn Therapeutics in the 4th quarter valued at about $85,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Foghorn Therapeutics by 18.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,908 shares of the company’s stock valued at $84,000 after buying an additional 2,812 shares during the period. Institutional investors and hedge funds own 61.55% of the company’s stock.

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.