Short Interest in Foghorn Therapeutics Inc. (NASDAQ:FHTX) Decreases By 9.7%

Foghorn Therapeutics Inc. (NASDAQ:FHTX) saw a significant decrease in short interest in November. As of November 30th, there was short interest totalling 888,000 shares, a decrease of 9.7% from the November 15th total of 983,500 shares. Based on an average trading volume of 155,900 shares, the short-interest ratio is presently 5.7 days. Currently, 3.2% of the company’s stock are sold short.

Foghorn Therapeutics Price Performance

FHTX stock remained flat at $5.51 during trading hours on Tuesday. 196,765 shares of the company’s stock were exchanged, compared to its average volume of 139,949. The company’s fifty day moving average is $7.68 and its 200-day moving average is $7.19. The company has a market capitalization of $306.32 million, a PE ratio of -2.87 and a beta of 3.10. Foghorn Therapeutics has a 12-month low of $2.70 and a 12-month high of $10.25.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 24th. Jefferies Financial Group reduced their target price on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a report on Monday. Evercore ISI initiated coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target for the company. Finally, 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.80.

Insider Transactions at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of the stock in a transaction on 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 Securities & Exchange Commission, which is accessible through this hyperlink. 9.07% of the stock is owned by insiders.

Institutional Trading of Foghorn Therapeutics

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

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.