Foghorn Therapeutics (NASDAQ:FHTX) Releases Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• Foghorn Therapeutics reported quarterly earnings of ($0.28) per share, which exceeded analysts' estimates of ($0.31) by $0.03.
• The stock price of Foghorn Therapeutics is currently at $5.09, with a 1-year low of $2.94 and a high of $10.25.
• Analysts have given Foghorn Therapeutics a consensus rating of "Buy" with a consensus target price of $12.13.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) released its earnings results on Tuesday. The company reported ($0.28) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.03, Zacks reports. The firm had revenue of $7.56 million during the quarter, compared to analyst estimates of $7.62 million.

Foghorn Therapeutics Price Performance

Shares of NASDAQ:FHTX traded down $0.40 on Friday, reaching $4.58. 71,553 shares of the company traded hands, compared to its average volume of 122,213. Foghorn Therapeutics has a fifty-two week low of $2.94 and a fifty-two week high of $10.25. The company's 50 day moving average is $5.13 and its 200-day moving average is $4.59. The stock has a market capitalization of $258.91 million, a PE ratio of -3.85 and a beta of 3.05.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FHTX. Citizens Jmp began coverage on Foghorn Therapeutics in a research report on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $9.00 target price for the company. HC Wainwright upgraded Foghorn Therapeutics to a "strong-buy" rating in a research report on Wednesday, May 14th. JMP Securities reiterated a "market outperform" rating and set a $9.00 price objective on shares of Foghorn Therapeutics in a research report on Thursday, May 15th. Finally, Citigroup initiated coverage on Foghorn Therapeutics in a research report on Wednesday, April 23rd. They set an "outperform" rating for the company. One analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $12.00.

Institutional Investors Weigh In On Foghorn Therapeutics

An institutional investor recently raised its position in Foghorn Therapeutics stock. Geode Capital Management LLC grew its holdings in Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) by 16.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 807,674 shares of the company's stock after purchasing an additional 116,979 shares during the period. Geode Capital Management LLC owned approximately 1.43% of Foghorn Therapeutics worth $3,797,000 as of its most recent SEC filing. 61.55% of the stock is currently owned by hedge funds and other institutional investors.

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.