Foghorn Therapeutics Raises Approximately $110 Million Through Registered Direct Offering to Advance Pipeline
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 22 2024
0mins
Source: newsfilter
- Company Financing: Foghorn Therapeutics Inc. closed a registered direct offering of common stock and pre-funded warrants, raising approximately $110 million.
- Investors: The offering included new investors like BVF Partners and Deerfield Management, as well as existing investors such as Flagship Pioneering.
- Financials: The company now has cash, cash equivalents, and short-term investments totaling $310 million, extending its cash runway into 2027.
- Pipeline: Foghorn focuses on oncology initially, with potential to develop medicines for various diseases using its Gene Traffic Control Platform.
- Forward-Looking Statements: The press release contains forward-looking statements about the company's clinical trials, product candidates, and future expectations.
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Analyst Views on FHTX
Wall Street analysts forecast FHTX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FHTX is 11.38 USD with a low forecast of 9.00 USD and a high forecast of 14.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Analyst Rating
9 Buy
0 Hold
0 Sell
Strong Buy
Current: 5.870
Low
9.00
Averages
11.38
High
14.00
Current: 5.870
Low
9.00
Averages
11.38
High
14.00
About FHTX
Foghorn Therapeutics Inc. is a clinical-stage, precision therapeutics biotechnology company. The Company is discovering and developing a novel class of medicines targeting genetically determined dependencies within the chromatin regulatory system. Through its proprietary scalable Gene Traffic Control platform, it is systematically studying, identifying and validating potential drug targets within the chromatin regulatory system. The Company is also developing multiple product candidates in oncology. The Gene Traffic Control platform provides an integrated and mechanistic understanding of how the various components of the chromatin regulatory system interact, allowing to identify, validate and potentially drug targets within this system. Its platform enables to produce components of the chromatin regulatory system at scale, thereby allowing to identify these genetic dependencies, understand their mechanism and target their vulnerabilities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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