Equities Analysts Issue Forecasts for FHTX FY2024 Earnings

Foghorn Therapeutics Inc. (NASDAQ:FHTX) – Investment analysts at HC Wainwright upped their FY2024 earnings estimates for Foghorn Therapeutics in a research report issued to clients and investors on Tuesday, November 5th. HC Wainwright analyst A. Fein now forecasts that the company will earn ($1.59) per share for the year, up from their previous forecast of ($1.88). HC Wainwright has a “Buy” rating and a $20.00 price target on the stock. The consensus estimate for Foghorn Therapeutics’ current full-year earnings is ($1.88) per share. HC Wainwright also issued estimates for Foghorn Therapeutics’ Q4 2024 earnings at ($0.32) EPS, Q1 2025 earnings at ($0.37) EPS, Q2 2025 earnings at ($0.38) EPS, Q3 2025 earnings at ($0.39) EPS, Q4 2025 earnings at ($0.41) EPS, FY2025 earnings at ($1.54) EPS, FY2026 earnings at ($1.67) EPS, FY2027 earnings at ($1.62) EPS and FY2028 earnings at ($0.33) EPS.

Several other research firms also recently commented on FHTX. Morgan Stanley boosted their price objective on Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a report on Tuesday, September 24th. Jefferies Financial Group started coverage on shares of Foghorn Therapeutics in a research note on Tuesday, September 3rd. They set a “buy” rating and a $18.00 price target for the company. Evercore ISI assumed coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective on the stock. Finally, Wedbush reiterated an “outperform” rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a report on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Foghorn Therapeutics Price Performance

Shares of Foghorn Therapeutics stock opened at $9.24 on Thursday. The business has a 50-day simple moving average of $8.37 and a 200 day simple moving average of $6.80. The firm has a market capitalization of $511.25 million, a price-to-earnings ratio of -4.81 and a beta of 3.14. Foghorn Therapeutics has a one year low of $2.70 and a one year high of $10.25.

Foghorn Therapeutics (NASDAQ:FHTX) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.15. The company had revenue of $6.89 million for the quarter, compared to the consensus estimate of $6.60 million.

Hedge Funds Weigh In On Foghorn Therapeutics

Hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC purchased a new stake in shares of Foghorn Therapeutics during the second quarter valued at approximately $62,000. The Manufacturers Life Insurance Company purchased a new position in Foghorn Therapeutics in the second quarter worth $64,000. State Board of Administration of Florida Retirement System bought a new position in Foghorn Therapeutics in the 1st quarter valued at $77,000. SG Americas Securities LLC purchased a new stake in shares of Foghorn Therapeutics during the 3rd quarter valued at $99,000. Finally, Rhumbline Advisers raised its stake in shares of Foghorn Therapeutics by 34.3% during the 2nd quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock worth $206,000 after purchasing an additional 9,171 shares during the period. Institutional investors own 61.55% of the company’s stock.

Insider Buying and Selling at Foghorn Therapeutics

In other news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $10.04, for a total value of $358,990.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.07% 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.