Research Analysts Issue Forecasts for FHTX FY2024 Earnings

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) - Wedbush raised their FY2024 earnings per share estimates for shares of Foghorn Therapeutics in a note issued to investors on Monday, November 4th. Wedbush analyst R. Driscoll now forecasts that the company will earn ($1.57) per share for the year, up from their previous estimate of ($1.70). Wedbush has a "Outperform" rating and a $13.00 price target on the stock. The consensus estimate for Foghorn Therapeutics' current full-year earnings is ($1.88) per share. Wedbush also issued estimates for Foghorn Therapeutics' Q4 2024 earnings at ($0.31) EPS, Q1 2025 earnings at ($0.32) EPS, Q2 2025 earnings at ($0.33) EPS, Q3 2025 earnings at ($0.30) EPS, FY2025 earnings at ($1.18) EPS, FY2026 earnings at ($1.03) EPS, FY2027 earnings at ($1.10) EPS and FY2028 earnings at $0.69 EPS.

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

A number of other research firms have also recently commented on FHTX. HC Wainwright reaffirmed a "buy" rating and set a $20.00 target price on shares of Foghorn Therapeutics in a research note on Monday, August 12th. Jefferies Financial Group began 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. Evercore ISI initiated coverage on Foghorn Therapeutics in a research report on Monday, August 19th. They set an "outperform" rating and a $20.00 target price for the company. Finally, Morgan Stanley upped their price target on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an "equal weight" rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $16.00.

Foghorn Therapeutics Stock Down 1.4 %

NASDAQ:FHTX traded down $0.13 during mid-day trading on Thursday, hitting $9.11. 163,699 shares of the stock traded hands, compared to its average volume of 137,687. The stock has a market capitalization of $504.06 million, a price-to-earnings ratio of -4.71 and a beta of 3.14. Foghorn Therapeutics has a 52 week low of $2.70 and a 52 week high of $10.25. The firm's 50 day moving average is $8.40 and its two-hundred day moving average is $6.81.

Insiders Place Their Bets

In other news, insider Carlos Costa sold 35,756 shares of the firm's stock in a transaction 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 document filed with the SEC, which is accessible through this link. Company insiders own 9.07% of the company's stock.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC purchased a new position in Foghorn Therapeutics in the second quarter valued at about $62,000. The Manufacturers Life Insurance Company bought a new stake in shares of Foghorn Therapeutics in the 2nd quarter valued at about $64,000. State Board of Administration of Florida Retirement System purchased a new position in shares of Foghorn Therapeutics in the 1st quarter worth approximately $77,000. SG Americas Securities LLC bought a new position in shares of Foghorn Therapeutics during the 3rd quarter worth approximately $99,000. Finally, Rhumbline Advisers lifted its position in Foghorn Therapeutics by 34.3% during 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 during the last quarter. 61.55% of the stock is currently owned by 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.