Short Interest in Foghorn Therapeutics Inc. (NASDAQ:FHTX) Drops By 13.0%

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 983,500 shares, a decrease of 13.0% from the October 31st total of 1,130,000 shares. Based on an average daily trading volume, of 158,900 shares, the days-to-cover ratio is presently 6.2 days. Approximately 3.5% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Morgan Stanley raised 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 started coverage on shares of Foghorn Therapeutics in a research note on Tuesday, September 3rd. They set a “buy” rating and a $18.00 price objective for the company. Wedbush reissued an “outperform” rating and set a $13.00 target price on shares of Foghorn Therapeutics in a report on Thursday, August 8th. HC Wainwright reissued a “buy” rating and set a $20.00 target price on shares of Foghorn Therapeutics in a report on Monday, August 12th. Finally, Evercore ISI assumed coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Foghorn Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Foghorn Therapeutics Price Performance

FHTX traded down $0.41 on Tuesday, reaching $7.62. 142,536 shares of the company’s stock were exchanged, compared to its average volume of 135,962. The stock has a market cap of $423.60 million, a PE ratio of -3.97 and a beta of 3.10. Foghorn Therapeutics has a twelve month low of $2.70 and a twelve month high of $10.25. The stock’s fifty day moving average price is $8.16 and its 200-day moving average price is $7.15.

Insider Activity

In related news, insider Carlos Costa sold 35,756 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $10.04, for a total value of $358,990.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.07% of the company’s stock.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in FHTX. Barclays PLC increased its stake in Foghorn Therapeutics by 191.6% during the 3rd quarter. Barclays PLC now owns 39,920 shares of the company’s stock worth $371,000 after buying an additional 26,228 shares during the period. Geode Capital Management LLC increased its stake in Foghorn Therapeutics by 27.5% during the 3rd quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock worth $6,308,000 after buying an additional 146,276 shares during the period. XTX Topco Ltd purchased a new stake in Foghorn Therapeutics during the 3rd quarter worth approximately $101,000. Zacks Investment Management purchased a new stake in Foghorn Therapeutics during the 3rd quarter worth approximately $96,000. Finally, Wellington Management Group LLP increased its stake in Foghorn Therapeutics by 64.9% during the 3rd quarter. Wellington Management Group LLP now owns 72,216 shares of the company’s stock worth $672,000 after buying an additional 28,427 shares during the period. 61.55% of the stock is owned by hedge funds and other institutional investors.

Foghorn Therapeutics Company Profile

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.