Foghorn Therapeutics (NASDAQ:FHTX) Announces Earnings Results, Beats Expectations By $1.04 EPS

Foghorn Therapeutics (NASDAQ:FHTX) announced its quarterly earnings results on Monday. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $1.04, FiscalAI reports. The firm had revenue of $83.54 million during the quarter, compared to analysts’ expectations of $7.10 million. Foghorn Therapeutics had a net margin of 8.40% and a negative return on equity of 10.63%.

Foghorn Therapeutics Stock Performance

FHTX stock opened at $1.90 on Wednesday. The stock’s 50 day moving average price is $2.98 and its 200 day moving average price is $4.58. The firm has a market cap of $112.82 million, a P/E ratio of 27.15 and a beta of 3.22. Foghorn Therapeutics has a 1 year low of $1.79 and a 1 year high of $7.61.

Analyst Ratings Changes

FHTX has been the topic of a number of research reports. BTIG Research lowered Foghorn Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday, October 1st. Citigroup downgraded Foghorn Therapeutics from a “market outperform” rating to a “market perform” rating in a research note on Thursday, October 1st. Wedbush cut shares of Foghorn Therapeutics from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $10.00 to $2.00 in a research note on Friday, October 2nd. TD Cowen downgraded shares of Foghorn Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, October 1st. Finally, Wall Street Zen raised Foghorn Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.14.

Foghorn Therapeutics Company Profile

Foghorn Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing medicines that target the chromatin regulatory system, which controls how DNA is packaged and how genes are expressed. The company’s research is directed primarily toward cancer therapies, particularly for tumors driven by abnormalities in chromatin-remodeling proteins. Foghorn uses its proprietary Gene Traffic Control platform to identify and develop small-molecule treatments designed to modulate chromatin-regulating complexes.