Foghorn Therapeutics Inc. (FHTX), a clinical-stage biopharmaceutical company, has gained a nominal increase of 1.13% in aftermarket trading session. Consequently, FHTX stock is trading at $18.79 at the time of the writing. On Monday, FHTX closed the day at $18.58 after rallying 54.96% during regular trading hours. The surge could be attributed to the announcement of the collaboration with Eli Lilly.
Why is FHTX Rising?
On Monday, FHTX announced that it is entering a strategic collaboration with Eli Lilly, a global healthcare leader. The collaboration was meant to create novel oncology medicines via the application of Foghorn’s proprietary Gene Traffic Control® platform. The collaboration would also include the co-development and commercialization of Foghorn’s selective BRM oncology program alongside the additional undisclosed oncology targets. Three additional discovery programs, which would utilize Foghorn’s proprietary Gene Traffic Control platform, would also be included in the collaboration.
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Corporate Highlights for Q3 2021
On 9th November, FHTX released the corporate highlights for the third quarter of FY 2021. The quarter ended on 30th September. The company announced the dosing of the first patient in its first-in-human clinical trial of FHD-609 in August. In October, Foghorn presented at the 4th Annual Targeted Protein Degradation Conference. There, it provided an overview of the Company’s degrader capabilities and its phase 1 asset FHD-609.
Adrian Gottschalk, President and Chief Executive Officer of FHTX, while commenting on the results said that the company has continued to advance its robust pipeline during the quarter. The company is continually looking to expand its deep pipeline of precision therapeutic candidates, which target different aspects of the chromatin regulatory system in cancer. The company hence far is pleased with the results of ongoing studies.
Future Outlook for FHTX
During the last three months, FHTX stock has surged approximately 50%. The prime catalyst for that is the positive sentiments associated with the stock in the form of encouraging study results. The analysts believe that the future looks optimistic for the stock.