Q2 2024 Earnings Forecast for Foghorn Therapeutics Inc. (NASDAQ:FHTX) Issued By Wedbush

Foghorn Therapeutics Inc. (NASDAQ:FHTX) – Research analysts at Wedbush upped their Q2 2024 EPS estimates for shares of Foghorn Therapeutics in a note issued to investors on Monday, May 6th. Wedbush analyst R. Driscoll now anticipates that the company will post earnings of ($0.52) per share for the quarter, up from their prior forecast of ($0.53). Wedbush has a “Outperform” rating and a $13.00 price objective on the stock. The consensus estimate for Foghorn Therapeutics’ current full-year earnings is ($2.05) per share. Wedbush also issued estimates for Foghorn Therapeutics’ Q3 2024 earnings at ($0.45) EPS, Q4 2024 earnings at ($0.43) EPS, FY2024 earnings at ($1.97) EPS, FY2025 earnings at ($1.36) EPS, FY2026 earnings at ($1.17) EPS, FY2027 earnings at ($0.70) EPS and FY2028 earnings at $2.58 EPS.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.22. The company had revenue of $5.77 million for the quarter, compared to analyst estimates of $4.91 million.

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price target on shares of Foghorn Therapeutics in a research note on Tuesday.

Foghorn Therapeutics Stock Performance

NASDAQ:FHTX opened at $5.94 on Thursday. The company has a market cap of $252.87 million, a price-to-earnings ratio of -2.59 and a beta of 3.15. Foghorn Therapeutics has a fifty-two week low of $2.70 and a fifty-two week high of $9.97. The stock has a fifty day moving average price of $6.38 and a 200-day moving average price of $5.35.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of institutional investors have recently modified their holdings of the business. Raymond James & Associates raised its stake in Foghorn Therapeutics by 19.8% during the third quarter. Raymond James & Associates now owns 1,426,226 shares of the company’s stock worth $7,131,000 after acquiring an additional 235,237 shares in the last quarter. Panagora Asset Management Inc. acquired a new position in Foghorn Therapeutics during the 3rd quarter worth approximately $173,000. Exchange Traded Concepts LLC lifted its stake in Foghorn Therapeutics by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 21,535 shares of the company’s stock valued at $139,000 after purchasing an additional 5,460 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Foghorn Therapeutics by 788.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,000 shares of the company’s stock valued at $32,000 after purchasing an additional 4,437 shares in the last quarter. Finally, Alta Wealth Advisors LLC acquired a new position in shares of Foghorn Therapeutics in the fourth quarter valued at approximately $194,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

About Foghorn Therapeutics

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.