Research Analysts Offer Predictions for FHTX FY2024 Earnings

Foghorn Therapeutics Inc. (NASDAQ:FHTX) – Equities researchers at HC Wainwright lifted their FY2024 EPS estimates for Foghorn Therapeutics in a research note issued to investors on Tuesday, November 5th. HC Wainwright analyst A. Fein now forecasts that the company will post earnings per share of ($1.59) for the year, up from their previous estimate of ($1.88). HC Wainwright currently has a “Buy” rating and a $20.00 target price on the stock. The consensus estimate for Foghorn Therapeutics’ current full-year earnings is ($1.88) per share. HC Wainwright also issued estimates for Foghorn Therapeutics’ Q4 2024 earnings at ($0.32) EPS, Q1 2025 earnings at ($0.37) EPS, Q2 2025 earnings at ($0.38) EPS, Q3 2025 earnings at ($0.39) EPS, Q4 2025 earnings at ($0.41) EPS, FY2025 earnings at ($1.54) EPS, FY2026 earnings at ($1.67) EPS, FY2027 earnings at ($1.62) EPS and FY2028 earnings at ($0.33) EPS.

FHTX has been the subject of a number of other research reports. Evercore ISI initiated coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. Jefferies Financial Group assumed coverage on shares of Foghorn Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 target price for the company. Morgan Stanley increased their price target on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. Finally, Wedbush reissued an “outperform” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

Foghorn Therapeutics Stock Performance

NASDAQ:FHTX opened at $9.35 on Thursday. The company has a market cap of $517.34 million, a price-to-earnings ratio of -4.74 and a beta of 3.14. Foghorn Therapeutics has a fifty-two week low of $2.70 and a fifty-two week high of $10.25. The stock has a fifty day moving average price of $8.43 and a 200-day moving average price of $6.83.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.15. The company had revenue of $6.89 million for the quarter, compared to the consensus estimate of $6.60 million.

Institutional Investors Weigh In On Foghorn Therapeutics

Several hedge funds have recently modified their holdings of the company. Jacobs Levy Equity Management Inc. increased its holdings in Foghorn Therapeutics by 101.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock worth $1,451,000 after purchasing an additional 108,700 shares in the last quarter. Perceptive Advisors LLC acquired a new stake in shares of Foghorn Therapeutics during the second quarter valued at about $3,128,000. Raymond James & Associates grew its holdings in shares of Foghorn Therapeutics by 4.8% during the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after purchasing an additional 107,967 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Foghorn Therapeutics by 30.7% in the second quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock valued at $457,000 after buying an additional 18,664 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new position in Foghorn Therapeutics in the 1st quarter valued at approximately $77,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

Insider Transactions at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of Foghorn Therapeutics stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $10.04, for a total transaction of $358,990.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 9.07% of the company’s stock.

Foghorn Therapeutics Company Profile

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.