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

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

Foghorn Therapeutics Price Performance

Shares of NASDAQ:FHTX traded down $0.41 during trading on Tuesday, reaching $7.62. 142,536 shares of the stock were exchanged, compared to its average volume of 135,962. The stock has a fifty day moving average of $8.16 and a two-hundred day moving average of $7.15. Foghorn Therapeutics has a 1-year low of $2.70 and a 1-year high of $10.25.

Insider Buying and Selling at Foghorn Therapeutics

In related news, insider Carlos Costa sold 35,756 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $10.04, for a total value of $358,990.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 9.07% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in Foghorn Therapeutics by 10.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company’s stock worth $703,000 after acquiring an additional 7,000 shares during the period. MetLife Investment Management LLC grew its position in Foghorn Therapeutics by 129.1% during the third quarter. MetLife Investment Management LLC now owns 15,898 shares of the company’s stock valued at $148,000 after buying an additional 8,958 shares during the period. Rhumbline Advisers raised its position in Foghorn Therapeutics by 34.3% in the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock worth $206,000 after acquiring an additional 9,171 shares during the period. Zacks Investment Management purchased a new position in Foghorn Therapeutics in the third quarter valued at about $96,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Foghorn Therapeutics during the 3rd quarter worth approximately $99,000. Institutional investors own 61.55% of the company’s stock.

Wall Street Analysts Forecast Growth

FHTX has been the subject of a number of research reports. Wedbush reiterated an “outperform” rating and set a $13.00 target price on shares of Foghorn Therapeutics in a report on Thursday, August 8th. Evercore ISI started coverage on Foghorn Therapeutics in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 target price for the company. Jefferies Financial Group initiated coverage on Foghorn Therapeutics in a research report on Tuesday, September 3rd. They set a “buy” rating and a $18.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of Foghorn Therapeutics in a research report on Monday, August 12th. Finally, Morgan Stanley raised their target price on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Foghorn Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

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.