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

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the target of a significant 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 company’s stock are short sold. Based on an average daily trading volume, of 159,900 shares, the short-interest ratio is presently 5.7 days.

Hedge Funds Weigh In On Foghorn Therapeutics

Institutional investors have recently modified their holdings of the company. Zacks Investment Management bought a new position in shares of Foghorn Therapeutics during the third quarter worth about $96,000. SG Americas Securities LLC bought a new position in shares of Foghorn Therapeutics during the third quarter worth about $99,000. XTX Topco Ltd bought a new position in shares of Foghorn Therapeutics during the third quarter worth about $101,000. The Manufacturers Life Insurance Company bought a new position in shares of Foghorn Therapeutics during the second quarter worth about $64,000. Finally, China Universal Asset Management Co. Ltd. bought a new position in shares of Foghorn Therapeutics during the fourth quarter worth about $56,000. Institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Performance

Shares of Foghorn Therapeutics stock traded down $0.03 during trading on Friday, hitting $6.13. 179,094 shares of the stock were exchanged, compared to its average volume of 97,833. The stock’s fifty day moving average is $4.81 and its 200 day moving average is $6.82. The stock has a market cap of $340.90 million, a PE ratio of -3.19 and a beta of 3.18. Foghorn Therapeutics has a 12 month low of $3.86 and a 12 month high of $10.25.

Analysts Set New Price Targets

A number of analysts recently issued reports on FHTX shares. Jefferies Financial Group dropped their price target on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, December 16th. B. Riley began coverage on shares of Foghorn Therapeutics in a research note on Thursday, January 30th. They set a “buy” rating and a $10.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $13.00 target price (down previously from $20.00) on shares of Foghorn Therapeutics in a research note on Tuesday, December 17th. One research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $13.17.

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.