Wedbush Reduces Earnings Estimates for Foghorn Therapeutics

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) - Equities research analysts at Wedbush cut their FY2028 EPS estimates for shares of Foghorn Therapeutics in a research report issued to clients and investors on Monday, December 16th. Wedbush analyst R. Driscoll now forecasts that the company will post earnings per share of ($0.63) for the year, down from their prior estimate of $0.69. The consensus estimate for Foghorn Therapeutics' current full-year earnings is ($1.58) per share.

A number of other research firms have also weighed in on FHTX. HC Wainwright reiterated a "buy" rating and set a $13.00 price objective (down previously from $20.00) on shares of Foghorn Therapeutics in a research note on Tuesday. Morgan Stanley lifted their price target on Foghorn Therapeutics from $6.00 to $9.00 and gave the company an "equal weight" rating in a research report on Tuesday, September 24th. Finally, Jefferies Financial Group lowered their price objective on Foghorn Therapeutics from $18.00 to $14.00 and set a "buy" rating on the stock in a research report on Monday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.80.

Foghorn Therapeutics Stock Performance

Shares of Foghorn Therapeutics stock traded up $0.07 during trading on Thursday, hitting $4.98. 327,148 shares of the company's stock were exchanged, compared to its average volume of 140,986. Foghorn Therapeutics has a 52-week low of $2.70 and a 52-week high of $10.25. The stock has a market capitalization of $276.85 million, a price-to-earnings ratio of -2.59 and a beta of 3.10. The business has a 50-day simple moving average of $7.55 and a 200-day simple moving average of $7.16.

Insider Activity at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of the business's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $10.04, for a total value of $358,990.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Foghorn Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC acquired a new position in shares of Foghorn Therapeutics during the 2nd quarter worth about $3,128,000. Raymond James & Associates raised 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 valued at $13,446,000 after acquiring an additional 107,967 shares during the last quarter. Bank of New York Mellon Corp lifted its position 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 acquiring an additional 18,664 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Foghorn Therapeutics by 34.3% in the second quarter. Rhumbline Advisers now owns 35,910 shares of the company's stock valued at $206,000 after acquiring an additional 9,171 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Foghorn Therapeutics by 10.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company's stock worth $703,000 after acquiring an additional 7,000 shares during the last quarter. 61.55% of the stock is owned by hedge funds and other institutional investors.

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.