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

Foghorn Therapeutics Inc. (NASDAQ:FHTX) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 948,600 shares, an increase of 6.8% from the November 30th total of 888,000 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average daily volume of 150,800 shares, the days-to-cover ratio is currently 6.3 days.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FHTX. Morgan Stanley increased their target price on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. 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 report on Tuesday, December 17th. Finally, Jefferies Financial Group reduced their price target on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.80.

Hedge Funds Weigh In On Foghorn Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in shares of Foghorn Therapeutics during the 2nd quarter worth approximately $62,000. The Manufacturers Life Insurance Company bought a new position in shares of Foghorn Therapeutics during the second quarter worth about $64,000. Zacks Investment Management acquired a new position in Foghorn Therapeutics during the 3rd quarter valued at about $96,000. SG Americas Securities LLC bought a new position in Foghorn Therapeutics in the 3rd quarter worth approximately $99,000. Finally, XTX Topco Ltd acquired a new position in Foghorn Therapeutics during the 3rd quarter worth $101,000. 61.55% of the stock is currently owned by institutional investors and hedge funds.

Foghorn Therapeutics Stock Up 4.4 %

Shares of Foghorn Therapeutics stock traded up $0.21 during trading hours on Thursday, hitting $4.93. 11,082 shares of the company’s stock traded hands, compared to its average volume of 142,185. Foghorn Therapeutics has a twelve month low of $2.70 and a twelve month high of $10.25. The stock has a 50 day simple moving average of $7.12 and a 200-day simple moving average of $7.12. The company has a market cap of $274.07 million, a PE ratio of -2.57 and a beta of 3.10.

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.