BlackRock Inc. Takes Position in Foghorn Therapeutics Inc. $FHTX

Key Points

• BlackRock acquired 2.63 million shares of Foghorn Therapeutics during the second quarter, worth approximately $12.8 million and representing a 4.47% stake.
• Institutional ownership remains significant at 61.55%, with investors including Renaissance Technologies, Millennium Management, Raymond James and Geode Capital increasing their positions.
• Foghorn reported quarterly adjusted losses of $0.10 per share, beating estimates of $0.24, while revenue of $16.1 million exceeded the $6.8 million forecast. Analysts maintain a consensus “Moderate Buy” rating with an $11.43 price target, compared with a recent share price of $4.92.

BlackRock Inc. bought a new stake in Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,626,832 shares of the company's stock, valued at approximately $12,819,000. BlackRock Inc. owned about 4.47% of Foghorn Therapeutics at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in FHTX. Candriam S.C.A. purchased a new position in shares of Foghorn Therapeutics in the first quarter valued at $1,500,000. Renaissance Technologies LLC increased its holdings in Foghorn Therapeutics by 151.8% during the 4th quarter. Renaissance Technologies LLC now owns 297,736 shares of the company's stock worth $1,608,000 after purchasing an additional 179,500 shares during the last quarter. Millennium Management LLC raised its position in shares of Foghorn Therapeutics by 861.6% in the 3rd quarter. Millennium Management LLC now owns 178,791 shares of the company's stock valued at $874,000 after purchasing an additional 160,197 shares in the last quarter. Raymond James Financial Inc. boosted its stake in shares of Foghorn Therapeutics by 6.7% during the 2nd quarter. Raymond James Financial Inc. now owns 2,367,292 shares of the company's stock valued at $11,126,000 after buying an additional 148,940 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Foghorn Therapeutics by 16.9% during the 2nd quarter. Geode Capital Management LLC now owns 807,674 shares of the company's stock valued at $3,797,000 after buying an additional 116,979 shares during the last quarter. Institutional investors and hedge funds own 61.55% of the company's stock.

Foghorn Therapeutics Stock Up 1.0%

Shares of FHTX opened at $4.92 on Friday. The stock's 50-day moving average price is $5.65 and its 200 day moving average price is $5.05. The firm has a market capitalization of $292.15 million, a price-to-earnings ratio of -5.02 and a beta of 2.86. Foghorn Therapeutics Inc. has a 12-month low of $3.27 and a 12-month high of $7.61.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.14. The business had revenue of $16.10 million for the quarter, compared to analyst estimates of $6.80 million. Equities research analysts expect that Foghorn Therapeutics Inc. will post -0.81 EPS for the current year.

Analysts Set New Price Targets

FHTX has been the topic of several research analyst reports. Wall Street Zen raised shares of Foghorn Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Foghorn Therapeutics in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Foghorn Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.43.

Foghorn Therapeutics Profile

Foghorn Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of novel epigenetic therapies for cancer. The company leverages its proprietary Targeted Protein Discovery Platform to identify and design small-molecule inhibitors that modulate chromatin regulatory proteins involved in tumor growth and survival. By targeting the mechanisms that control gene expression, Foghorn seeks to address unmet needs in oncology through precision medicine.

The company's lead candidate, FHD-286, is a selective inhibitor of variant SWI/SNF chromatin remodeling complexes and is currently being evaluated in Phase 1 clinical trials for patients with solid tumors harboring specific SMARCA2 and SMARCA4 alterations.

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