Foghorn Therapeutics Inc. (NASDAQ:FHTX – Get Free Report) saw a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 888,000 shares, a drop of 9.7% from the November 15th total of 983,500 shares. Approximately 3.2% of the shares of the company are sold short. Based on an average daily volume of 155,900 shares, the short-interest ratio is presently 5.7 days.
Foghorn Therapeutics Stock Performance
FHTX remained flat at $5.51 during trading on Tuesday. The company had a trading volume of 196,765 shares, compared to its average volume of 139,949. Foghorn Therapeutics has a 52-week low of $2.70 and a 52-week high of $10.25. The firm’s fifty day moving average price is $7.64 and its 200-day moving average price is $7.19. The stock has a market cap of $306.32 million, a PE ratio of -2.87 and a beta of 3.10.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on FHTX. Jefferies Financial Group dropped 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. 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 research note on Tuesday. Evercore ISI began coverage on Foghorn Therapeutics in a research note on Monday, August 19th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, Morgan Stanley lifted their price target on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.80.
Insider Activity
In other news, insider Carlos Costa sold 35,756 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $10.04, for a total transaction of $358,990.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.07% of the company’s stock.
Institutional Investors Weigh In On Foghorn Therapeutics
Several large investors have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new stake in Foghorn Therapeutics during the second quarter valued at about $62,000. The Manufacturers Life Insurance Company acquired a new position in shares of Foghorn Therapeutics during the second quarter worth approximately $64,000. Zacks Investment Management bought a new stake in Foghorn Therapeutics in the 3rd quarter valued at $96,000. SG Americas Securities LLC acquired a new position in shares of Foghorn Therapeutics during the third quarter valued at about $99,000. Finally, XTX Topco Ltd bought a new position in Foghorn Therapeutics during the third quarter valued at about $101,000. 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.
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