Short Interest in Foghorn Therapeutics Inc. (NASDAQ:FHTX) Grows By 6.8%

Foghorn Therapeutics Inc. (NASDAQ:FHTX) saw a significant increase in short interest in December. As of December 15th, there was short interest totalling 948,600 shares, an increase of 6.8% from the November 30th total of 888,000 shares. Based on an average trading volume of 150,800 shares, the short-interest ratio is presently 6.3 days. Currently, 3.4% of the company’s stock are short sold.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of large investors have recently bought and sold shares of the company. Perceptive Advisors LLC purchased a new position in Foghorn Therapeutics during the 2nd quarter worth approximately $3,128,000. Charles Schwab Investment Management Inc. raised its holdings in shares of 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 purchasing an additional 7,000 shares during the last quarter. State Street Corp lifted its position in Foghorn Therapeutics by 4.9% during the third quarter. State Street Corp now owns 505,945 shares of the company’s stock valued at $4,710,000 after purchasing an additional 23,630 shares during the period. XTX Topco Ltd acquired a new position in Foghorn Therapeutics during the third quarter valued at $101,000. Finally, Bank of New York Mellon Corp boosted its holdings in Foghorn Therapeutics by 30.7% in the second quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock valued at $457,000 after purchasing an additional 18,664 shares during the last quarter. Hedge funds and other institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Performance

Foghorn Therapeutics stock opened at $4.72 on Thursday. The business’s 50-day simple moving average is $7.12 and its two-hundred day simple moving average is $7.12. The company has a market cap of $262.40 million, a PE ratio of -2.46 and a beta of 3.10. Foghorn Therapeutics has a fifty-two week low of $2.70 and a fifty-two week high of $10.25.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Morgan Stanley upped their price target 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. Jefferies Financial Group reduced their target price on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Finally, HC Wainwright reissued a “buy” rating and issued a $13.00 price target (down previously from $20.00) on shares of Foghorn Therapeutics in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Foghorn Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $13.80.

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.