Foghorn Therapeutics Inc. (NASDAQ:FHTX) Short Interest Up 9.1% in September

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 1,200,000 shares, an increase of 9.1% from the September 15th total of 1,100,000 shares. Approximately 4.2% of the company’s stock are short sold. Based on an average daily volume of 152,000 shares, the short-interest ratio is currently 7.9 days.

Analyst Ratings Changes

Several brokerages have weighed in on FHTX. Evercore ISI began coverage on shares of Foghorn Therapeutics in a report on Monday, August 19th. They set an “outperform” rating and a $20.00 price objective for the company. Wedbush reissued an “outperform” rating and set a $13.00 price objective on shares of Foghorn Therapeutics in a report on Thursday, August 8th. HC Wainwright reissued a “buy” rating and set a $20.00 price objective on shares of Foghorn Therapeutics in a report on Monday, August 12th. Jefferies Financial Group started coverage on shares of Foghorn Therapeutics in a report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 price target for the company. Finally, Morgan Stanley lifted their price target on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the company an “equal weight” rating in a report on Tuesday, September 24th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Foghorn Therapeutics has an average rating of “Moderate Buy” and an average price target of $16.00.

Insider Activity at Foghorn Therapeutics

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

Institutional Trading of Foghorn Therapeutics

Several hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its position in Foghorn Therapeutics by 34.3% in the 2nd quarter. Rhumbline Advisers now owns 35,910 shares of the company’s stock valued at $206,000 after purchasing an additional 9,171 shares during the last quarter. SG Americas Securities LLC bought a new stake in Foghorn Therapeutics in the 3rd quarter valued at about $99,000. Renaissance Technologies LLC bought a new stake in shares of Foghorn Therapeutics during the 2nd quarter worth about $62,000. The Manufacturers Life Insurance Company bought a new stake in shares of Foghorn Therapeutics during the 2nd quarter worth about $64,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in shares of Foghorn Therapeutics during the 1st quarter worth about $77,000. 61.55% of the stock is currently owned by institutional investors.

Foghorn Therapeutics Stock Performance

Shares of NASDAQ FHTX traded down $0.37 during midday trading on Thursday, hitting $7.74. The company’s stock had a trading volume of 68,952 shares, compared to its average volume of 138,510. Foghorn Therapeutics has a 1-year low of $2.70 and a 1-year high of $10.25. The firm’s fifty day moving average price is $8.10 and its 200-day moving average price is $6.69. The firm has a market cap of $329.62 million, a P/E ratio of -3.52 and a beta of 3.11.

Foghorn Therapeutics (NASDAQ:FHTX) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.15. The business had revenue of $6.89 million during the quarter, compared to analyst estimates of $6.60 million. As a group, research analysts predict that Foghorn Therapeutics will post -1.88 earnings per share for the current fiscal year.

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.