Fubotv earnings beat by $0.10, revenue topped estimates
CAMBRIDGE, Mass. - Foghorn Therapeutics Inc. (NASDAQ:FHTX), a biotechnology firm focused on developing novel medicines through gene expression correction, announced today the appointment of two new members to its Board of Directors. Neil Gallagher, M.D., Ph.D., and Stuart Duty bring extensive experience to the company’s leadership as it progresses its oncology-focused pipeline. The company, currently valued at $233.57 million, appears undervalued according to InvestingPro analysis, with analyst price targets ranging from $4 to $14 per share.
Dr. Gallagher, currently the President and Head of Research and Development at Syndax Pharmaceuticals, has a 20-year track record in pharmaceutical leadership, primarily in oncology drug development. His previous roles include Chief Medical Officer and Vice President at AbbVie, as well as positions at Amgen, Novartis Oncology, AstraZeneca, and Astex Therapeutics. In addition to his new role at Foghorn, Dr. Gallagher also serves on the Board of Directors at Zymeworks. For deeper insights into how management changes impact biotech companies, InvestingPro subscribers can access exclusive ProTips and comprehensive analysis tools.
Stuart Duty, with over 30 years of experience in finance and investment banking within biotech and specialty pharmaceuticals, most recently served as a Senior Managing Director at Guggenheim Securities, LLC. His background includes senior positions at Piper Jaffray and Montgomery Securities, as well as operational roles at Oracle Partners and Curative Technologies. Duty also holds board positions at Achieve Life Sciences, EyePoint Pharmaceuticals, and Milestone Pharmaceuticals.
Adrian Gottschalk, President and CEO of Foghorn, expressed confidence in leveraging the strategic insights of the new board members to advance the company’s pipeline. Dr. Gallagher highlighted Foghorn’s potential in developing therapies for various cancers, while Mr. Duty commended Foghorn’s expertise in selective protein degradation and its promising clinical and preclinical pipeline.
Foghorn Therapeutics is engaged in discovering and developing medicines that target the chromatin regulatory system through its Gene Traffic Control® platform. The company is actively developing multiple oncology product candidates. With revenue of $22.6 million in the last twelve months and a current ratio of 3.73, the company maintains a FAIR financial health score according to InvestingPro metrics. Investors looking for detailed analysis of biotech stocks can access comprehensive research reports covering over 1,400 US companies through InvestingPro’s advanced analytical tools.
This announcement includes forward-looking statements about the company’s clinical trials and research efforts. These statements are subject to uncertainties and risks, including but not limited to market conditions and regulatory factors, which could cause actual results to differ materially from those projected. These forward-looking statements are based on the company’s current expectations and assumptions as of the date of this release. The information presented in this article is based on a press release statement from Foghorn Therapeutics Inc.
In other recent news, Foghorn Therapeutics has been the subject of several notable developments. JMP Securities has maintained a Market Outperform rating on Foghorn Therapeutics, setting a price target of $9.00, and highlighting the company’s progress in clinical trials, particularly with its lead asset, FHD-909. This asset is advancing through Phase 1 trials, with initial data expected by the end of 2025 or early 2026. Additionally, a $380 million partnership with Eli Lilly underscores confidence in Foghorn’s preclinical data.
H.C. Wainwright has also reaffirmed a Buy rating on Foghorn Therapeutics, maintaining a price target of $13.00. The firm views the upcoming presentation of results from Foghorn’s Phase 1a/b study of FHD-909 as a crucial event. Meanwhile, Foghorn Therapeutics has adjusted its at-the-market offering, reducing the potential sale of shares from $200 million to $100 million, which may reflect a shift in the company’s financing strategy. These recent developments indicate that Foghorn Therapeutics is actively advancing its pipeline and strategic initiatives.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.