Foghorn Therapeutics sets IPO terms, to raise up to $127.5 million

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Foghorn Therapeutics Inc. set terms for its initial public offering Monday, as the Massachusetts-based company focused on the chromatin regulatory system that leads to gene expression looks to raise up to $127.5 million. The company is offering 7.5 million shares in the IPO, which is expected to price between $15 and $17. With about 35.7 million shares expected to be outstanding after the IPO, the pricing could value the company at up to $606.8 million. The company expects the stock to list on the Nasdaq under the ticker symbol “FHTX.” Goldman Sachs, Morgan Stanley and Cowen are the lead underwriters. For the six months ended June 30, the company recorded a net loss of $29.7 million on no revenue, after a loss of $22.7 million on no revenue in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 30.5% over the past three months while the S&P 500 has gained 8.0%.
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