What is Wedbush’s Estimate for FHTX FY2024 Earnings?

Foghorn Therapeutics Inc. (NASDAQ:FHTX) – Research analysts at Wedbush lifted their FY2024 EPS estimates for shares of Foghorn Therapeutics in a report issued on Monday, November 4th. Wedbush analyst R. Driscoll now forecasts that the company will earn ($1.57) per share for the year, up from their prior estimate of ($1.70). Wedbush 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 equities research analysts also recently weighed in on FHTX. Evercore ISI initiated coverage on Foghorn Therapeutics in a research report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price for the company. 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 price objective for the company. Morgan Stanley lifted their price objective on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 24th. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of Foghorn Therapeutics in a research note on Monday, August 12th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.00.

Foghorn Therapeutics Trading Up 3.4 %

Shares of NASDAQ FHTX opened at $9.24 on Thursday. The stock has a fifty day moving average price of $8.37 and a 200 day moving average price of $6.80. Foghorn Therapeutics has a 12-month low of $2.70 and a 12-month high of $10.25.

Foghorn Therapeutics (NASDAQ:FHTX) last issued its earnings results on Thursday, August 8th. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.15. The business had revenue of $6.89 million during the quarter, compared to analysts’ expectations of $6.60 million.

Insider Buying and Selling at Foghorn Therapeutics

In other news, insider Carlos Costa sold 35,756 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $10.04, for a total transaction of $358,990.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of institutional investors have recently modified their holdings of FHTX. Jacobs Levy Equity Management Inc. increased its holdings in Foghorn Therapeutics by 101.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 216,270 shares of the company’s stock valued at $1,451,000 after buying an additional 108,700 shares during the last quarter. Perceptive Advisors LLC acquired a new stake in shares of Foghorn Therapeutics during the 2nd quarter valued at approximately $3,128,000. Raymond James & Associates lifted its stake in Foghorn Therapeutics by 4.8% during the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after purchasing an additional 107,967 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Foghorn Therapeutics by 30.7% in the second quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock worth $457,000 after purchasing an additional 18,664 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new stake in Foghorn Therapeutics during the first quarter valued at $77,000. 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.