Equities Analysts Offer Predictions for FHTX FY2024 Earnings

Foghorn Therapeutics Inc. (NASDAQ:FHTX) – Investment analysts at Wedbush boosted their FY2024 earnings estimates for shares of Foghorn Therapeutics in a research note issued to investors on Monday, November 4th. Wedbush analyst R. Driscoll now anticipates that the company will post earnings per share of ($1.57) for the year, up from their previous forecast of ($1.70). Wedbush currently has a “Outperform” rating and a $13.00 price target on the stock. The consensus estimate for Foghorn Therapeutics’ current full-year earnings is ($1.88) per share. Wedbush also issued estimates for Foghorn Therapeutics’ Q4 2024 earnings at ($0.31) EPS, Q1 2025 earnings at ($0.32) EPS, Q2 2025 earnings at ($0.33) EPS, Q3 2025 earnings at ($0.30) EPS, FY2025 earnings at ($1.18) EPS, FY2026 earnings at ($1.03) EPS, FY2027 earnings at ($1.10) EPS and FY2028 earnings at $0.69 EPS.

Several other analysts also recently weighed in on FHTX. Evercore ISI assumed coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price target on the stock. Jefferies Financial Group initiated coverage on Foghorn Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 target price on the stock. Morgan Stanley raised 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. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Foghorn Therapeutics in a report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Foghorn Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

Foghorn Therapeutics Price Performance

NASDAQ FHTX opened at $9.11 on Thursday. The company has a market cap of $504.06 million, a price-to-earnings ratio of -4.71 and a beta of 3.14. The stock’s fifty day moving average price is $8.40 and its 200 day moving average price is $6.81. Foghorn Therapeutics has a 1 year low of $2.70 and a 1 year high of $10.25.

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

Insider Activity at Foghorn Therapeutics

In other Foghorn Therapeutics news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction that occurred 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 document filed with the SEC, which is accessible through this link. 9.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Foghorn Therapeutics

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

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.