Short Interest in Foghorn Therapeutics Inc. (NASDAQ:FHTX) Drops By 13.0%

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 983,500 shares, a decrease of 13.0% from the October 31st total of 1,130,000 shares. Approximately 3.5% of the company’s stock are sold short. Based on an average daily trading volume, of 158,900 shares, the short-interest ratio is currently 6.2 days.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Foghorn Therapeutics in a research note on Tuesday, September 3rd. They set a “buy” rating and a $18.00 price target for the company. Wedbush reiterated an “outperform” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a research note on Thursday, August 8th. HC Wainwright reiterated a “buy” rating and set a $20.00 price target on shares of Foghorn Therapeutics in a research note on Monday, August 12th. Evercore ISI began coverage on shares of Foghorn Therapeutics in a research note on Monday, August 19th. They set an “outperform” rating and a $20.00 price target for the company. Finally, Morgan Stanley upped their price objective on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. One research 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 stock currently has an average rating of “Moderate Buy” and an average target price of $16.00.

Foghorn Therapeutics Stock Down 5.1 %

Shares of FHTX traded down $0.41 during mid-day trading on Tuesday, hitting $7.62. The company had a trading volume of 142,536 shares, compared to its average volume of 135,962. The business’s 50-day simple moving average is $8.16 and its 200-day simple moving average is $7.15. Foghorn Therapeutics has a 1-year low of $2.70 and a 1-year high of $10.25. The stock has a market cap of $423.60 million, a PE ratio of -3.97 and a beta of 3.10.

Insider Activity

In other news, insider Carlos Costa sold 35,756 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $10.04, for a total value of $358,990.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FHTX. Perceptive Advisors LLC acquired a new position in shares of Foghorn Therapeutics during the second quarter worth $3,128,000. Raymond James & Associates lifted its position 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 purchasing an additional 107,967 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Foghorn Therapeutics by 30.7% during the second quarter. Bank of New York Mellon Corp now owns 79,433 shares of the company’s stock worth $457,000 after purchasing an additional 18,664 shares in the last quarter. Vanguard Group Inc. lifted its position 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 purchasing an additional 77,380 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Foghorn Therapeutics by 34.3% during the second quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock worth $206,000 after purchasing an additional 9,171 shares in the last quarter. 61.55% of the stock is 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.