Foghorn Therapeutics Inc. (NASDAQ:FHTX) Sees Large Growth in Short Interest

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the recipient of a large growth in short interest in December. As of December 15th, there was short interest totalling 948,600 shares, a growth of 6.8% from the November 30th total of 888,000 shares. Based on an average daily volume of 150,800 shares, the days-to-cover ratio is currently 6.3 days. Currently, 3.4% of the company’s stock are sold short.

Foghorn Therapeutics Price Performance

FHTX traded up $0.21 during trading on Thursday, reaching $4.93. 11,082 shares of the stock were exchanged, compared to its average volume of 142,185. Foghorn Therapeutics has a 1 year low of $2.70 and a 1 year high of $10.25. The business’s 50 day moving average price is $7.12 and its two-hundred day moving average price is $7.12. The company has a market capitalization of $274.07 million, a price-to-earnings ratio of -2.57 and a beta of 3.10.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FHTX. Zacks Investment Management acquired a new stake in shares of Foghorn Therapeutics during the third quarter valued at $96,000. SG Americas Securities LLC purchased a new stake in shares of Foghorn Therapeutics during the third quarter worth about $99,000. Renaissance Technologies LLC acquired a new position in shares of Foghorn Therapeutics in the second quarter valued at approximately $62,000. XTX Topco Ltd purchased a new position in shares of Foghorn Therapeutics during the third quarter valued at approximately $101,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Foghorn Therapeutics in the 2nd quarter valued at $64,000. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Morgan Stanley lifted their price objective on Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 24th. HC Wainwright reiterated a “buy” rating and issued a $13.00 price target (down previously from $20.00) on shares of Foghorn Therapeutics in a research note on Tuesday, December 17th. Finally, Jefferies Financial Group reduced their price objective on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, December 16th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Foghorn Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.80.

About Foghorn Therapeutics

Foghorn Therapeutics Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of medicines targeting genetically determined dependencies within the chromatin regulatory system in the United States. The company uses its proprietary Gene Traffic Control platform to identify, validate, and potentially drug targets within the system.