Foghorn Therapeutics Inc. (NASDAQ:FHTX) Short Interest Update

Foghorn Therapeutics Inc. (NASDAQ:FHTX) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 1,260,000 shares, an increase of 15.6% from the June 30th total of 1,090,000 shares. Based on an average daily volume of 102,900 shares, the days-to-cover ratio is presently 12.2 days. Currently, 4.0% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

FHTX has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $20.00 price objective on shares of Foghorn Therapeutics in a research report on Tuesday, May 7th. Wedbush restated an “outperform” rating and issued a $13.00 price objective on shares of Foghorn Therapeutics in a research report on Wednesday, April 10th.

Foghorn Therapeutics Stock Performance

FHTX stock opened at $6.90 on Monday. The firm’s 50-day moving average price is $5.81 and its two-hundred day moving average price is $5.78. Foghorn Therapeutics has a 12-month low of $2.70 and a 12-month high of $9.97.

Foghorn Therapeutics (NASDAQ:FHTX) last announced its quarterly earnings results on Monday, May 6th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.04). The company had revenue of $5.05 million for the quarter, compared to the consensus estimate of $7.53 million. Equities research analysts anticipate that Foghorn Therapeutics will post -2.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Foghorn Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James & Associates increased its position in shares of Foghorn Therapeutics by 45.0% during the fourth quarter. Raymond James & Associates now owns 2,068,387 shares of the company’s stock valued at $13,341,000 after buying an additional 642,161 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Foghorn Therapeutics by 788.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,000 shares of the company’s stock valued at $32,000 after buying an additional 4,437 shares during the period. Birchview Capital LP boosted its stake in Foghorn Therapeutics by 21.2% during the fourth quarter. Birchview Capital LP now owns 320,930 shares of the company’s stock worth $2,070,000 after acquiring an additional 56,087 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in Foghorn Therapeutics by 180.6% during the fourth quarter. Panagora Asset Management Inc. now owns 97,017 shares of the company’s stock worth $626,000 after acquiring an additional 62,441 shares in the last quarter. Finally, Alta Wealth Advisors LLC bought a new stake in Foghorn Therapeutics during the fourth quarter worth about $194,000. Hedge funds and other institutional investors 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.