Foghorn Therapeutics (NASDAQ:FHTX) Announces Quarterly Earnings Results

Foghorn Therapeutics (NASDAQ:FHTX) posted its quarterly earnings results on Thursday. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.13, Zacks reports.

Foghorn Therapeutics Trading Up 14.1%

Foghorn Therapeutics stock traded up $0.69 during mid-day trading on Thursday, hitting $5.57. 365,677 shares of the company’s stock were exchanged, compared to its average volume of 226,634. The stock has a market cap of $327.01 million, a P/E ratio of -4.80 and a beta of 2.89. Foghorn Therapeutics has a 1-year low of $3.27 and a 1-year high of $6.95. The stock has a 50 day moving average of $4.69 and a two-hundred day moving average of $4.96.

Analyst Upgrades and Downgrades

FHTX has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Foghorn Therapeutics in a research note on Friday, July 17th. Wall Street Zen cut shares of Foghorn Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.43.

Institutional Trading of Foghorn Therapeutics

Several large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its stake in shares of Foghorn Therapeutics by 13,755.0% in the third quarter. Russell Investments Group Ltd. now owns 5,542 shares of the company’s stock worth $27,000 after acquiring an additional 5,502 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Foghorn Therapeutics by 48.0% in the third quarter. BNP Paribas Financial Markets now owns 7,103 shares of the company’s stock valued at $35,000 after acquiring an additional 2,305 shares during the period. Tower Research Capital LLC TRC increased its stake in Foghorn Therapeutics by 136.8% in the second quarter. Tower Research Capital LLC TRC now owns 9,213 shares of the company’s stock valued at $43,000 after acquiring an additional 5,323 shares during the period. Invesco Ltd. acquired a new position in Foghorn Therapeutics in the fourth quarter worth about $58,000. Finally, Occudo Quantitative Strategies LP bought a new position in Foghorn Therapeutics during the third quarter worth about $58,000. Institutional investors own 61.55% of the company’s stock.

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.