Foghorn Therapeutics (NASDAQ:FHTX) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

by · The Cerbat Gem

Foghorn Therapeutics (NASDAQ:FHTX – Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.14, Zacks reports. The company had revenue of $16.10 million for the quarter, compared to analysts’ expectations of $6.80 million.

Foghorn Therapeutics Price Performance

Shares of FHTX traded up $0.50 during trading on Friday, reaching $6.07. 280,894 shares of the company traded hands, compared to its average volume of 225,309. The stock has a 50-day simple moving average of $4.69 and a 200-day simple moving average of $4.96. Foghorn Therapeutics has a twelve month low of $3.27 and a twelve month high of $6.95.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of hedge funds have recently made changes to their positions in FHTX. Russell Investments Group Ltd. increased its holdings in 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 purchasing an additional 5,502 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Foghorn Therapeutics by 48.0% during the third quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock worth $35,000 after purchasing an additional 2,305 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Foghorn Therapeutics by 136.8% during the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock worth $43,000 after buying an additional 5,323 shares during the period. Occudo Quantitative Strategies LP purchased a new position in shares of Foghorn Therapeutics during the third quarter worth $58,000. Finally, Invesco Ltd. acquired a new stake in shares of Foghorn Therapeutics in the fourth quarter valued at $58,000. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FHTX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Foghorn Therapeutics in a research report on Friday, July 17th. Wall Street Zen lowered Foghorn Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Foghorn Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.43.

View Our Latest Stock Report on FHTX

Foghorn Therapeutics Company Profile

(Get Free Report)

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.

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