Wedbush Expects Increased Earnings for Foghorn Therapeutics

Foghorn Therapeutics Inc. (NASDAQ:FHTX) – Stock analysts at Wedbush lifted their FY2024 earnings per share (EPS) estimates for Foghorn Therapeutics in a report issued on Monday, November 4th. Wedbush analyst R. Driscoll now forecasts that the company will post earnings of ($1.57) per share for the year, up from their prior estimate of ($1.70). Wedbush currently has a “Outperform” rating and a $13.00 target price 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.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its earnings results on Thursday, August 8th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.15. The business had revenue of $6.89 million for the quarter, compared to the consensus estimate of $6.60 million.

A number of other equities analysts have also issued reports on FHTX. Jefferies Financial Group initiated coverage on shares of Foghorn Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 target price for the company. Morgan Stanley increased their price objective on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a report on Tuesday, September 24th. Evercore ISI assumed coverage on Foghorn Therapeutics in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target on shares of Foghorn Therapeutics in a research note on Monday, August 12th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Foghorn Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $16.00.

Foghorn Therapeutics Price Performance

Shares of FHTX opened at $9.24 on Thursday. Foghorn Therapeutics has a one year low of $2.70 and a one year high of $10.25. The stock’s fifty day moving average is $8.37 and its 200-day moving average is $6.80.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FHTX. Deerfield Management Company L.P. Series C purchased a new stake in shares of Foghorn Therapeutics in the second quarter valued at $14,481,000. Perceptive Advisors LLC acquired a new position in Foghorn Therapeutics during the second quarter valued at $3,128,000. Driehaus Capital Management LLC lifted its stake in Foghorn Therapeutics by 102.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock worth $3,269,000 after acquiring an additional 288,088 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Foghorn Therapeutics by 101.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock worth $1,451,000 after acquiring an additional 108,700 shares during the period. Finally, Raymond James & Associates boosted its position in Foghorn Therapeutics by 4.8% during the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after acquiring an additional 107,967 shares during the period. 61.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Carlos Costa sold 35,756 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $10.04, for a total transaction of $358,990.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.