Foghorn Therapeutics Inc. (NASDAQ:FHTX) Sees Large Increase in Short Interest

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the target of a significant growth in short interest during the month of 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. Approximately 3.5% of the company’s shares are sold short. Based on an average trading volume of 159,900 shares, the short-interest ratio is currently 5.7 days.

Foghorn Therapeutics Price Performance

FHTX stock traded down $0.03 during midday trading on Friday, reaching $6.13. 179,094 shares of the company’s stock traded hands, compared to its average volume of 97,833. The company has a market capitalization of $340.90 million, a P/E ratio of -3.19 and a beta of 3.18. Foghorn Therapeutics has a fifty-two week low of $3.86 and a fifty-two week high of $10.25. The business has a 50-day moving average price of $4.81 and a two-hundred day moving average price of $6.82.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in shares of Foghorn Therapeutics during the fourth quarter worth $9,579,000. Geode Capital Management LLC lifted its position in shares of Foghorn Therapeutics by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 682,863 shares of the company’s stock worth $3,224,000 after purchasing an additional 5,477 shares in the last quarter. State Street Corp lifted its position in shares of 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 purchasing an additional 23,630 shares in the last quarter. Northern Trust Corp increased its stake in shares of Foghorn Therapeutics by 1.1% in the fourth quarter. Northern Trust Corp now owns 253,671 shares of the company’s stock worth $1,197,000 after buying an additional 2,873 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Foghorn Therapeutics by 20.6% in the fourth quarter. Wellington Management Group LLP now owns 87,069 shares of the company’s stock worth $411,000 after buying an additional 14,853 shares during the last quarter. 61.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FHTX shares. Jefferies Financial Group decreased their target price 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. HC Wainwright reissued a “buy” rating and issued a $13.00 target price (down from $20.00) on shares of Foghorn Therapeutics in a research report on Tuesday, December 17th. Finally, B. Riley assumed coverage on shares of Foghorn Therapeutics in a research report on Thursday, January 30th. They set a “buy” rating and a $10.00 price target on the stock. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $13.17.

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.