Foghorn Therapeutics Inc. (NASDAQ:FHTX) Short Interest Up 6.8% in December

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the target of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 948,600 shares, an increase of 6.8% from the November 30th total of 888,000 shares. Based on an average daily volume of 150,800 shares, the short-interest ratio is presently 6.3 days. Approximately 3.4% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Foghorn Therapeutics

Institutional investors have recently modified their holdings of the stock. Zacks Investment Management purchased a new stake in shares of Foghorn Therapeutics during the third quarter worth $96,000. SG Americas Securities LLC acquired a new position in Foghorn Therapeutics in the 3rd quarter worth about $99,000. Renaissance Technologies LLC purchased a new stake in shares of Foghorn Therapeutics during the 2nd quarter worth about $62,000. XTX Topco Ltd acquired a new stake in shares of Foghorn Therapeutics during the 3rd quarter valued at about $101,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Foghorn Therapeutics in the 2nd quarter valued at approximately $64,000. Institutional investors and hedge funds own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Performance

FHTX stock opened at $4.81 on Thursday. The firm has a 50 day simple moving average of $7.12 and a 200 day simple moving average of $7.12. Foghorn Therapeutics has a 52 week low of $2.70 and a 52 week high of $10.25. The stock has a market cap of $267.40 million, a P/E ratio of -2.51 and a beta of 3.10.

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.