HC Wainwright Weighs in on Foghorn Therapeutics Inc.’s Q3 2024 Earnings (NASDAQ:FHTX)

Foghorn Therapeutics Inc. (NASDAQ:FHTX) – HC Wainwright reduced their Q3 2024 earnings per share (EPS) estimates for Foghorn Therapeutics in a note issued to investors on Tuesday, May 7th. HC Wainwright analyst A. Fein now forecasts that the company will post earnings per share of ($0.66) for the quarter, down from their prior forecast of ($0.65). HC Wainwright has a “Buy” rating and a $20.00 price objective on the stock. The consensus estimate for Foghorn Therapeutics’ current full-year earnings is ($2.05) per share. HC Wainwright also issued estimates for Foghorn Therapeutics’ Q4 2024 earnings at ($0.69) EPS, FY2024 earnings at ($2.56) EPS, FY2025 earnings at ($2.36) EPS, FY2026 earnings at ($2.28) EPS, FY2027 earnings at ($1.37) EPS and FY2028 earnings at ($0.34) EPS.

Separately, Wedbush reissued an “outperform” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a report on Wednesday, April 10th.

Foghorn Therapeutics Stock Down 0.7 %

NASDAQ:FHTX opened at $5.94 on Thursday. The business’s 50-day simple moving average is $6.38 and its two-hundred day simple moving average is $5.35. The stock has a market cap of $252.87 million, a PE ratio of -2.59 and a beta of 3.15. Foghorn Therapeutics has a 52 week low of $2.70 and a 52 week high of $9.97.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.22. The business had revenue of $5.77 million for the quarter, compared to the consensus estimate of $4.91 million.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Raymond James & Associates grew its position in Foghorn Therapeutics by 7.8% in the first quarter. Raymond James & Associates now owns 2,230,456 shares of the company’s stock worth $14,966,000 after acquiring an additional 162,069 shares in the last quarter. Birchview Capital LP grew its position in Foghorn Therapeutics by 21.2% in the fourth quarter. Birchview Capital LP now owns 320,930 shares of the company’s stock worth $2,070,000 after acquiring an additional 56,087 shares in the last quarter. Panagora Asset Management Inc. grew its position in Foghorn Therapeutics by 180.6% in the fourth quarter. Panagora Asset Management Inc. now owns 97,017 shares of the company’s stock worth $626,000 after acquiring an additional 62,441 shares in the last quarter. Alta Wealth Advisors LLC purchased a new position in Foghorn Therapeutics in the fourth quarter worth about $194,000. Finally, Exchange Traded Concepts LLC grew its position in Foghorn Therapeutics by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 21,535 shares of the company’s stock worth $139,000 after acquiring an additional 5,460 shares in the last quarter. Hedge funds and other institutional investors own 61.55% 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.