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

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the recipient of a large 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. Currently, 3.2% of the shares of the company are sold short. Based on an average trading volume of 155,900 shares, the days-to-cover ratio is currently 5.7 days.

Analyst Ratings Changes

FHTX has been the topic of several research reports. Evercore ISI initiated coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective on the stock. Morgan Stanley upped their target price on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 24th. 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. Finally, Jefferies Financial Group lowered their target price on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.80.

Foghorn Therapeutics Price Performance

NASDAQ:FHTX remained flat at $5.51 on Tuesday. 196,765 shares of the company’s stock were exchanged, compared to its average volume of 139,949. The firm has a market cap of $306.32 million, a P/E ratio of -2.87 and a beta of 3.10. Foghorn Therapeutics has a 52-week low of $2.70 and a 52-week high of $10.25. The stock’s fifty day simple moving average is $7.68 and its two-hundred day simple moving average is $7.19.

Insider Buying and Selling

In other news, insider Carlos Costa sold 35,756 shares of the business’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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 9.07% of the company’s stock.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deerfield Management Company L.P. Series C bought a new stake in shares of Foghorn Therapeutics during the second quarter worth approximately $14,481,000. Raymond James & Associates raised its stake in shares of Foghorn Therapeutics by 4.8% during the second quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after buying an additional 107,967 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Foghorn Therapeutics by 7.5% during the first quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company’s stock worth $7,398,000 after buying an additional 77,380 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Foghorn Therapeutics by 27.5% during the third 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 last quarter. Finally, Driehaus Capital Management LLC raised its stake in shares of Foghorn Therapeutics by 102.7% during the second quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock worth $3,269,000 after buying an additional 288,088 shares during the last quarter. 61.55% of the stock is currently owned by institutional investors and hedge funds.

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.