Foghorn Therapeutics (NASDAQ:FHTX) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Key Points

• Foghorn missed earnings: The company reported EPS of ($0.34), missing the consensus by $0.04, and generated $9.25 million in revenue versus an estimated $9.50 million.
• Analyst sentiment points to upside: Multiple firms maintain Buy ratings and the consensus price target is $11.13 versus the recent share price around $5.65, indicating perceived upside.
• Clinical-stage focus: Foghorn is developing epigenetic cancer therapies, with lead candidate FHD-286 currently in Phase 1 trials targeting tumors with SMARCA2/SMARCA4 alterations.

Foghorn Therapeutics (NASDAQ:FHTX - Get Free Report) released its quarterly earnings results on Wednesday. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.04), FiscalAI reports. The company had revenue of $9.25 million during the quarter, compared to analyst estimates of $9.50 million.

Foghorn Therapeutics Price Performance

FHTX traded up $0.16 on Wednesday, hitting $5.65. 107,567 shares of the stock were exchanged, compared to its average volume of 165,994. The firm has a market capitalization of $319.51 million, a price-to-earnings ratio of -5.00 and a beta of 3.02. Foghorn Therapeutics has a 12 month low of $2.94 and a 12 month high of $6.95. The business has a 50-day moving average of $5.67 and a two-hundred day moving average of $5.05.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FHTX. HC Wainwright reiterated a "buy" rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a research report on Tuesday. Wall Street Zen upgraded shares of Foghorn Therapeutics from a "hold" rating to a "buy" rating in a research note on Saturday, December 20th. Jefferies Financial Group initiated coverage on shares of Foghorn Therapeutics in a research report on Tuesday, February 17th. They set a "buy" rating and a $12.00 price target on the stock. BTIG Research began coverage on shares of Foghorn Therapeutics in a research note on Thursday, December 18th. They issued a "buy" rating and a $11.00 price objective for the company. Finally, Stifel Nicolaus initiated coverage on shares of Foghorn Therapeutics in a report on Wednesday, December 3rd. They issued a "buy" rating and a $12.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $11.13.

Hedge Funds Weigh In On Foghorn Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in FHTX. Invesco Ltd. bought a new stake in shares of Foghorn Therapeutics during the 4th quarter worth approximately $58,000. XTX Topco Ltd bought a new position in Foghorn Therapeutics in the fourth quarter valued at approximately $85,000. Millennium Management LLC raised its position in Foghorn Therapeutics by 16.7% during the fourth quarter. Millennium Management LLC now owns 208,565 shares of the company's stock valued at $1,126,000 after purchasing an additional 29,774 shares in the last quarter. Jump Financial LLC acquired a new position in Foghorn Therapeutics during the fourth quarter valued at approximately $130,000. Finally, Public Employees Retirement System of Ohio lifted its stake in Foghorn Therapeutics by 350.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 14,269 shares of the company's stock worth $77,000 after purchasing an additional 11,100 shares during the last quarter. 61.55% of the stock is currently owned by institutional investors and hedge funds.

About Foghorn Therapeutics

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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