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Foghorn (FHTX) Jumps 55% as Lilly Takes Up FHD-909 Development
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FoghornTherapeutics Inc. (FHTX - Free Report) , a clinical-stage company, announced that its pre-clinical candidate, FHD-909, has been selected by Eli Lilly (LLY - Free Report) for clinical development under the December 2021 strategic collaboration agreement to create novel oncology medicines.
Per the terms of the December 2021 agreement, Foghorn and Lilly are co-developing and co-commercializing LLY’s Selective BRM oncology program and an additional undisclosed oncology target. Both companies are sharing the costs of development equally. The strategic collaboration agreement also grants Eli Lilly exclusive rights to three discovery programs using FHTX’s proprietary Gene Traffic Control platform.
FHD-909 is a first-in-class oral BRM selective inhibitor. Lilly plans to file an investigational new drug application to the FDA to begin clinical studies on FHD-909 in the second quarter of 2024, with a primary focus on the treatment of patients with BRG1 mutated non-small cell lung cancer (NSCLC).
Foghorn’s stock rallied 55.4% on Thursday, in response to the encouraging news and continued to gain another 2.1% in the after-market hours. In the past year, shares of FHTX have plunged 34.5% compared with the industry’s 1.7% decline.
Image Source: Zacks Investment Research
Per management, this novel mechanism of action involving selective BRM inhibition is currently being heavily researched in cancer treatment for its potential therapeutic benefit. A plethora of tumor types, including NSCLC, are known to have mutations in BRG1. Such mutations are expected to make the tumors dependent on BRM activity for survival.
Foghorn’s novel treatment approach allows for the selective blocking of BRM activity, which should cause tumor cell death while sparing healthy cells.
In pre-clinical studies, FHD-909 has shown significant anti-tumor activity across multiple BRG1-mutant lung tumors.
FHTX’s clinical-stage pipeline currently comprises only its lead candidate, FHD-286, a selective, allosteric ATPase inhibitor, which is being developed in a phase I study to treat relapsed and/or refractory acute myeloid leukemia.
In the past 30 days, the Zacks Consensus Estimate for Puma Biotech’s 2023 earnings per share (EPS) has remained constant at 73 cents. During the same time frame, the consensus estimate for Puma Biotech’s 2024 EPS has remained constant at 69 cents. Over the past year, shares of PBYI have gained 23.1%.
PBYI beat estimates in three of the last four quarters while missing on one occasion, delivering a four-quarter average earnings surprise of 76.55%.
In the past 30 days, the Zacks Consensus Estimate for ImmunoGen’s 2023 EPS has remained constant at 7 cents. During the same period, the consensus estimate for ImmunoGen’s 2024 EPS has remained constant at 37 cents. Over the past year, shares of IMGN have skyrocketed 617.9%.
IMGN beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 136.05%.
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Foghorn (FHTX) Jumps 55% as Lilly Takes Up FHD-909 Development
FoghornTherapeutics Inc. (FHTX - Free Report) , a clinical-stage company, announced that its pre-clinical candidate, FHD-909, has been selected by Eli Lilly (LLY - Free Report) for clinical development under the December 2021 strategic collaboration agreement to create novel oncology medicines.
Per the terms of the December 2021 agreement, Foghorn and Lilly are co-developing and co-commercializing LLY’s Selective BRM oncology program and an additional undisclosed oncology target. Both companies are sharing the costs of development equally. The strategic collaboration agreement also grants Eli Lilly exclusive rights to three discovery programs using FHTX’s proprietary Gene Traffic Control platform.
FHD-909 is a first-in-class oral BRM selective inhibitor. Lilly plans to file an investigational new drug application to the FDA to begin clinical studies on FHD-909 in the second quarter of 2024, with a primary focus on the treatment of patients with BRG1 mutated non-small cell lung cancer (NSCLC).
Foghorn’s stock rallied 55.4% on Thursday, in response to the encouraging news and continued to gain another 2.1% in the after-market hours. In the past year, shares of FHTX have plunged 34.5% compared with the industry’s 1.7% decline.
Image Source: Zacks Investment Research
Per management, this novel mechanism of action involving selective BRM inhibition is currently being heavily researched in cancer treatment for its potential therapeutic benefit. A plethora of tumor types, including NSCLC, are known to have mutations in BRG1. Such mutations are expected to make the tumors dependent on BRM activity for survival.
Foghorn’s novel treatment approach allows for the selective blocking of BRM activity, which should cause tumor cell death while sparing healthy cells.
In pre-clinical studies, FHD-909 has shown significant anti-tumor activity across multiple BRG1-mutant lung tumors.
FHTX’s clinical-stage pipeline currently comprises only its lead candidate, FHD-286, a selective, allosteric ATPase inhibitor, which is being developed in a phase I study to treat relapsed and/or refractory acute myeloid leukemia.
Foghorn Therapeutics Inc. Price and Consensus
Foghorn Therapeutics Inc. price-consensus-chart | Foghorn Therapeutics Inc. Quote
Zacks Rank and Stocks to Consider
Foghorn currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the drug/biotech industry are Puma Biotechnology, Inc. (PBYI - Free Report) and ImmunoGen , sporting a Zacks Rank #1 (Strong Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 30 days, the Zacks Consensus Estimate for Puma Biotech’s 2023 earnings per share (EPS) has remained constant at 73 cents. During the same time frame, the consensus estimate for Puma Biotech’s 2024 EPS has remained constant at 69 cents. Over the past year, shares of PBYI have gained 23.1%.
PBYI beat estimates in three of the last four quarters while missing on one occasion, delivering a four-quarter average earnings surprise of 76.55%.
In the past 30 days, the Zacks Consensus Estimate for ImmunoGen’s 2023 EPS has remained constant at 7 cents. During the same period, the consensus estimate for ImmunoGen’s 2024 EPS has remained constant at 37 cents. Over the past year, shares of IMGN have skyrocketed 617.9%.
IMGN beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 136.05%.