Foghorn Therapeutics Inc. (NASDAQ:FHTX) Sees Large Decline in Short Interest

Foghorn Therapeutics Inc. (NASDAQ:FHTX) saw a significant drop in short interest in the month of 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 company are sold short. Based on an average daily volume of 155,900 shares, the days-to-cover ratio is presently 5.7 days.

Analyst Ratings Changes

A number of analysts recently weighed in on FHTX shares. HC Wainwright reissued a “buy” rating and issued a $13.00 target price (down previously from $20.00) on shares of Foghorn Therapeutics in a research note on Tuesday. Jefferies Financial Group lowered their price objective on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday. Evercore ISI started coverage on Foghorn Therapeutics in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, Morgan Stanley boosted their target price on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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 company’s stock were exchanged, compared to its average volume of 139,949. Foghorn Therapeutics has a one year low of $2.70 and a one year high of $10.25. The business’s 50 day moving average is $7.64 and its 200 day moving average is $7.19. The stock has a market cap of $306.32 million, a PE ratio of -2.87 and a beta of 3.10.

Insider Transactions at Foghorn Therapeutics

In other news, insider Carlos Costa sold 35,756 shares of Foghorn Therapeutics stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $10.04, for a total transaction of $358,990.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FHTX. Renaissance Technologies LLC bought a new stake in shares of Foghorn Therapeutics during the second quarter worth $62,000. The Manufacturers Life Insurance Company acquired a new stake in Foghorn Therapeutics in the second quarter worth about $64,000. Zacks Investment Management bought a new stake in Foghorn Therapeutics during the 3rd quarter worth about $96,000. SG Americas Securities LLC acquired a new position in Foghorn Therapeutics during the 3rd quarter valued at about $99,000. Finally, XTX Topco Ltd bought a new position in shares of Foghorn Therapeutics in the 3rd quarter valued at about $101,000. 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.