Foghorn Therapeutics Inc. (NASDAQ:FHTX) Sees Significant Growth in Short Interest

Foghorn Therapeutics Inc. (NASDAQ:FHTX) saw a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 918,000 shares, an increase of 9.1% from the January 15th total of 841,700 shares. Approximately 3.5% of the shares of the stock are sold short. Based on an average daily volume of 159,900 shares, the short-interest ratio is presently 5.7 days.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of institutional investors have recently made changes to their positions in FHTX. Lazard Asset Management LLC acquired a new stake in shares of Foghorn Therapeutics in the fourth quarter valued at about $49,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Foghorn Therapeutics in the fourth quarter valued at about $51,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Foghorn Therapeutics in the fourth quarter valued at about $56,000. BNP Paribas Financial Markets acquired a new stake in shares of Foghorn Therapeutics in the fourth quarter valued at about $61,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Foghorn Therapeutics in the second quarter valued at about $64,000. Institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Performance

Shares of FHTX stock opened at $6.13 on Tuesday. Foghorn Therapeutics has a twelve month low of $3.86 and a twelve month high of $10.25. The stock’s fifty day simple moving average is $4.81 and its 200 day simple moving average is $6.81.

Analyst Upgrades and Downgrades

FHTX has been the topic of several recent analyst reports. Jefferies Financial Group decreased their price target on Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. B. Riley initiated coverage on Foghorn Therapeutics in a research note on Thursday, January 30th. They issued a “buy” rating and a $10.00 price target on the stock. 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, December 17th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $13.17.

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.