Short Interest in Foghorn Therapeutics Inc. (NASDAQ:FHTX) Expands By 6.8%

Foghorn Therapeutics Inc. (NASDAQ:FHTX - Get Free Report) 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 short sold. Based on an average daily volume of 150,800 shares, the short-interest ratio is presently 6.3 days.

Foghorn Therapeutics Stock Down 2.8 %

Shares of NASDAQ:FHTX traded down $0.13 during midday trading on Thursday, hitting $4.59. 124,992 shares of the stock traded hands, compared to its average volume of 142,185. The business's 50 day moving average is $7.06 and its two-hundred day moving average is $7.10. The stock has a market capitalization of $255.17 million, a PE ratio of -2.39 and a beta of 3.10. Foghorn Therapeutics has a one year low of $2.70 and a one year high of $10.25.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position in Foghorn Therapeutics by 10.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 75,495 shares of the company's stock valued at $703,000 after acquiring an additional 7,000 shares in the last quarter. MetLife Investment Management LLC grew its stake in Foghorn Therapeutics by 129.1% in the third quarter. MetLife Investment Management LLC now owns 15,898 shares of the company's stock worth $148,000 after purchasing an additional 8,958 shares during the period. Rhumbline Advisers raised its holdings in Foghorn Therapeutics by 34.3% in 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. Zacks Investment Management bought a new stake in shares of Foghorn Therapeutics during the 3rd quarter valued at $96,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Foghorn Therapeutics in the 3rd quarter worth about $99,000. Hedge funds and other institutional investors own 61.55% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on FHTX shares. HC Wainwright reissued a "buy" rating and issued a $13.00 price target (down from $20.00) on shares of Foghorn Therapeutics in a research note on Tuesday, December 17th. Morgan Stanley boosted their target price on Foghorn Therapeutics from $6.00 to $9.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 24th. Finally, Jefferies Financial Group reduced their price target on 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 equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Foghorn Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $13.80.

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.