HC Wainwright Has Bullish Estimate for FHTX FY2024 Earnings

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) - Equities research analysts at HC Wainwright increased their FY2024 earnings per share 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 earn ($1.59) per share for the year, up from their prior 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.

Several other equities research analysts have also commented on FHTX. Evercore ISI assumed coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They issued an "outperform" rating and a $20.00 price target on the stock. Jefferies Financial Group assumed coverage on Foghorn Therapeutics in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $18.00 target price on the stock. 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, Wedbush restated an "outperform" rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Foghorn Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.00.

Foghorn Therapeutics Trading Down 1.4 %

Shares of FHTX stock traded down $0.13 during trading hours on Thursday, hitting $9.11. The company's stock had a trading volume of 163,699 shares, compared to its average volume of 137,687. The company has a 50 day moving average of $8.40 and a 200 day moving average of $6.81. Foghorn Therapeutics has a 12-month low of $2.70 and a 12-month high of $10.25. The stock has a market cap of $504.06 million, a PE ratio of -4.71 and a beta of 3.14.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.60) by $0.15. The business had revenue of $6.89 million for the quarter, compared to analysts' expectations of $6.60 million.

Institutional Investors Weigh In On Foghorn Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in FHTX. Rhumbline Advisers increased its stake in Foghorn Therapeutics by 34.3% during the 2nd quarter. Rhumbline Advisers now owns 35,910 shares of the company's stock worth $206,000 after buying an additional 9,171 shares in the last quarter. SG Americas Securities LLC acquired a new position in Foghorn Therapeutics in the 3rd quarter valued at $99,000. Renaissance Technologies LLC purchased a new position in Foghorn Therapeutics in the 2nd quarter valued at $62,000. The Manufacturers Life Insurance Company acquired a new stake in Foghorn Therapeutics during the 2nd quarter worth $64,000. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of Foghorn Therapeutics in the first quarter valued at about $77,000. Hedge funds and other institutional investors own 61.55% of the company's stock.

Insider Activity at Foghorn Therapeutics

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

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.