FY2024 Earnings Forecast for FHTX Issued By HC Wainwright

Foghorn Therapeutics Inc. (NASDAQ:FHTX) – Investment analysts at HC Wainwright raised their FY2024 earnings estimates for Foghorn Therapeutics in a note issued to investors on Tuesday, December 17th. HC Wainwright analyst A. Fein now forecasts that the company will post earnings of ($1.49) per share for the year, up from their prior forecast of ($1.59). HC Wainwright has a “Buy” rating and a $13.00 price objective on the stock. The consensus estimate for Foghorn Therapeutics’ current full-year earnings is ($1.58) per share. HC Wainwright also issued estimates for Foghorn Therapeutics’ Q4 2024 earnings at ($0.23) EPS, Q1 2025 earnings at ($0.24) EPS, Q2 2025 earnings at ($0.25) EPS, Q3 2025 earnings at ($0.25) EPS, Q4 2025 earnings at ($0.26) EPS, FY2025 earnings at ($0.99) EPS, FY2026 earnings at ($1.00) EPS, FY2027 earnings at ($0.86) EPS and FY2028 earnings at ($0.57) EPS.

Several other research analysts also recently issued reports on FHTX. Morgan Stanley upped their price target on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. Jefferies Financial Group reduced their target price on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.80.

Foghorn Therapeutics Stock Performance

Foghorn Therapeutics stock traded up $0.02 on Thursday, reaching $4.93. The company’s stock had a trading volume of 23,750 shares, compared to its average volume of 140,223. Foghorn Therapeutics has a twelve month low of $2.70 and a twelve month high of $10.25. The company has a market cap of $274.07 million, a price-to-earnings ratio of -2.57 and a beta of 3.10. The business’s fifty day moving average price is $7.60 and its 200 day moving average price is $7.17.

Insider Buying and Selling at Foghorn Therapeutics

In other news, insider Carlos Costa sold 35,756 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $10.04, for a total value of $358,990.24. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 9.07% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Deerfield Management Company L.P. Series C bought a new position in Foghorn Therapeutics during the second quarter worth about $14,481,000. Raymond James & Associates raised its position in shares of Foghorn Therapeutics by 4.8% during the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after purchasing an additional 107,967 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Foghorn Therapeutics by 27.5% during the 3rd quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock valued at $6,308,000 after purchasing an additional 146,276 shares in the last quarter. Driehaus Capital Management LLC grew its position in shares of Foghorn Therapeutics by 102.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock valued at $3,269,000 after purchasing an additional 288,088 shares during the period. Finally, Perceptive Advisors LLC acquired a new position in shares of Foghorn Therapeutics in the 2nd quarter valued at approximately $3,128,000. Institutional investors own 61.55% 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.