Foghorn Therapeutics (NASDAQ:FHTX) Releases Quarterly 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) issued its quarterly earnings data on Tuesday. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03, Zacks reports. The business had revenue of $7.56 million during the quarter, compared to analysts' expectations of $7.62 million.

Foghorn Therapeutics Stock Down 3.1%

NASDAQ:FHTX traded down $0.16 on Friday, reaching $4.83. 22,590 shares of the company's stock were exchanged, compared to its average volume of 131,360. The firm has a market capitalization of $272.76 million, a price-to-earnings ratio of -4.05 and a beta of 3.05. Foghorn Therapeutics has a 52-week low of $2.94 and a 52-week high of $10.25. The business has a fifty day moving average of $5.12 and a 200-day moving average of $4.58.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Foghorn Therapeutics stock. AQR Capital Management LLC bought a new position in shares of Foghorn Therapeutics Inc. (NASDAQ:FHTX - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 18,693 shares of the company's stock, valued at approximately $68,000. Institutional investors own 61.55% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FHTX. HC Wainwright raised Foghorn Therapeutics to a "strong-buy" rating in a research note on Wednesday, May 14th. JMP Securities reaffirmed a "market outperform" rating and issued a $9.00 target price on shares of Foghorn Therapeutics in a research report on Thursday, May 15th. Citigroup assumed coverage on shares of Foghorn Therapeutics in a research note on Wednesday, April 23rd. They set an "outperform" rating for the company. Finally, Citizens Jmp started coverage on shares of Foghorn Therapeutics in a research note on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $9.00 price target on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $12.13.

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.