Short Interest in Foghorn Therapeutics Inc. (NASDAQ:FHTX) Increases By 9.1%

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) was the target of a significant growth in short interest in January. As of January 31st, there was short interest totalling 918,000 shares, a growth of 9.1% from the January 15th total of 841,700 shares. Based on an average daily trading volume, of 159,900 shares, the days-to-cover ratio is currently 5.7 days. Approximately 3.5% of the company's stock are short sold.

Foghorn Therapeutics Price Performance

FHTX stock traded down $0.49 during midday trading on Thursday, reaching $5.38. 173,069 shares of the company were exchanged, compared to its average volume of 149,830. The business has a 50-day moving average price of $4.79 and a two-hundred day moving average price of $6.80. The firm has a market capitalization of $299.18 million, a price-to-earnings ratio of -2.80 and a beta of 3.18. Foghorn Therapeutics has a one year low of $3.86 and a one year high of $10.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Deerfield Management Company L.P. Series C raised its stake in Foghorn Therapeutics by 7.5% in the fourth quarter. Deerfield Management Company L.P. Series C now owns 3,255,514 shares of the company's stock valued at $15,366,000 after purchasing an additional 227,628 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Foghorn Therapeutics in the fourth quarter valued at about $9,579,000. Geode Capital Management LLC raised its stake in Foghorn Therapeutics by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 682,863 shares of the company's stock valued at $3,224,000 after purchasing an additional 5,477 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Foghorn Therapeutics by 58.8% in the fourth quarter. Point72 Asset Management L.P. now owns 634,761 shares of the company's stock valued at $2,996,000 after purchasing an additional 235,059 shares in the last quarter. Finally, State Street Corp raised its stake in Foghorn Therapeutics by 4.9% during the third quarter. State Street Corp now owns 505,945 shares of the company's stock worth $4,710,000 after acquiring an additional 23,630 shares in the last quarter. Institutional investors and hedge funds own 61.55% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. B. Riley assumed coverage on shares of Foghorn Therapeutics in a research note on Thursday, January 30th. They issued a "buy" rating and a $10.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $13.00 price objective (down from $20.00) on shares of Foghorn Therapeutics in a research report on Tuesday, December 17th. Finally, Jefferies Financial Group reduced their price objective on shares of Foghorn Therapeutics from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $13.17.

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.