CAMBRIDGE, Mass. - Foghorn Therapeutics Inc. (NASDAQ:FHTX), a biotechnology company focused on developing a new class of gene expression-targeted medicines, announced today the appointment of Anna Rivkin, Ph.D., as its Chief Business Officer. Dr. Rivkin, who has over 20 years of experience in the industry, joins Foghorn on the same day from Bristol Myers (NYSE:BMY) Squibb (BMS), where she managed strategic transactions valued at billions of dollars.
The company's President and CEO, Adrian Gottschalk, expressed confidence that Dr. Rivkin's extensive background in strategic alliances, research and development partnerships, and mergers and acquisitions will be instrumental for Foghorn's business development. Dr. Rivkin's previous roles include Vice President of Business Development at BMS, where she played a pivotal part in expanding the company's pipeline through significant deals, including the acquisitions of Karuna Therapeutics (NASDAQ:KRTX) and MyoKardia (NASDAQ:MYOK) Therapeutics.
Dr. Rivkin holds a Ph.D. in neuroscience from Case Western Reserve University and a B.A. from Johns Hopkins University. Her career has spanned various positions at Merck & Co. and BMS, where she has been recognized for her leadership in business transactions across multiple therapeutic areas.
In her statement, Dr. Rivkin highlighted Foghorn's potential in advancing novel therapeutics for cancer, leveraging their proprietary Gene Traffic Control® platform. She expressed enthusiasm about joining the company at a time when its pipeline and platform hold significant promise for growth and innovation.
Foghorn Therapeutics is actively developing product candidates in oncology and continues to validate potential drug targets within the chromatin regulatory system. The company's forward-looking statements reflect its anticipation of continued progress in clinical trials and research efforts.
This announcement is based on a press release statement from Foghorn Therapeutics. The company cautions that forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected. Factors that could affect outcomes include market conditions and regulatory challenges, among others detailed in the company's annual report.
In other recent news, Foghorn Therapeutics, a biotech firm renowned for its innovative approach in cancer treatment, has been the subject of positive coverage from investment firm Jefferies. The firm has initiated coverage on Foghorn Therapeutics with a Buy rating, setting a price target of $18.00. This development comes as Foghorn Therapeutics continues to make strides in its drug development programs, notably its FHD-909, an oral BRM inhibitor currently under clinical trials for non-small cell lung cancer.
Another compound, FHD-286, a BRG1/BRM dual inhibitor, has shown initial activity in refractory/relapsed acute myeloid leukemia. The investment community is eagerly anticipating the first combination data due in the fourth quarter, which will inform subsequent steps in the drug's development. These recent developments highlight the confidence in Foghorn Therapeutics' strategy and its potential to address cancer treatment through its novel drug candidates.
InvestingPro Insights
As Foghorn Therapeutics Inc. welcomes Dr. Anna Rivkin as its new Chief Business Officer, the company's financial health and market performance provide context to its strategic direction. According to InvestingPro data, Foghorn Therapeutics holds a market capitalization of approximately $458.12 million. Despite challenges, the company has shown a remarkable revenue growth of 61.95% over the last twelve months as of Q2 2024. This growth is accompanied by a strong recent return on the stock price, with a 35.29% increase over the last month.
InvestingPro Tips highlight that Foghorn Therapeutics has more cash than debt on its balance sheet, which could provide financial flexibility for the company's ambitious growth plans under Dr. Rivkin's guidance. Additionally, the fact that two analysts have revised their earnings upwards for the upcoming period suggests a potential positive outlook on the company's financial performance.
However, it is worth noting that analysts do not anticipate the company will be profitable this year, and they expect a sales decline in the current year. These insights, along with additional tips available on InvestingPro, could be crucial for investors looking to understand the risks and opportunities associated with Foghorn Therapeutics. For those interested, there are currently 13 additional InvestingPro Tips available, which can provide further depth into Foghorn's financial and market position.
Investors and stakeholders may also be interested to know that Foghorn Therapeutics is trading near its 52-week high, with the stock price at 97.41% of this peak, signaling investor confidence in the company's prospects. The next earnings date is set for November 5, 2024, which will be an important event for the market to gauge the impact of the company's strategic initiatives and Dr. Rivkin's role in shaping its business development.
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