Foghorn Therapeutics Inc. (NASDAQ:FHTX) Short Interest Down 9.7% in November

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the recipient of a significant drop in short interest in November. As of November 30th, there was short interest totalling 888,000 shares, a drop of 9.7% from the November 15th total of 983,500 shares. Approximately 3.2% of the shares of the stock are sold short. Based on an average daily volume of 155,900 shares, the days-to-cover ratio is currently 5.7 days.

Wall Street Analyst Weigh In

FHTX has been the subject of several research reports. Jefferies Financial Group lowered their target price on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a report on Monday. HC Wainwright restated a “buy” rating and set a $13.00 price objective (down previously from $20.00) on shares of Foghorn Therapeutics in a report on Tuesday. Evercore ISI began coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, Morgan Stanley raised their price target on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a research report on Tuesday, September 24th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.80.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ:FHTX remained flat at $5.51 during trading on Tuesday. 196,765 shares of the stock were exchanged, compared to its average volume of 139,949. The firm has a market cap of $306.32 million, a PE ratio of -2.87 and a beta of 3.10. The firm’s fifty day moving average is $7.64 and its two-hundred day moving average is $7.19. Foghorn Therapeutics has a twelve month low of $2.70 and a twelve month high of $10.25.

Insider Buying and Selling

In other news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $10.04, for a total transaction of $358,990.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. 9.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Foghorn Therapeutics

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

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.