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

Foghorn Therapeutics Inc. (NASDAQ:FHTX) saw a large increase in short interest in January. As of January 31st, there was short interest totalling 918,000 shares, an increase 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 daily volume of 159,900 shares, the short-interest ratio is presently 5.7 days.

Wall Street Analysts Forecast Growth

FHTX has been the topic of several research analyst reports. Jefferies Financial Group cut their target price 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. B. Riley initiated coverage on Foghorn Therapeutics in a research report on Thursday, January 30th. They set a “buy” rating and a $10.00 target price on the stock. Finally, HC Wainwright restated a “buy” rating and set a $13.00 target price (down previously from $20.00) on shares of Foghorn Therapeutics in a research report on Tuesday, December 17th. One 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 company. According to MarketBeat.com, Foghorn Therapeutics has an average rating of “Buy” and a consensus price target of $13.17.

Foghorn Therapeutics Trading Down 0.5 %

Shares of NASDAQ:FHTX opened at $6.13 on Tuesday. The business’s 50 day simple moving average is $4.81 and its two-hundred day simple moving average is $6.81. Foghorn Therapeutics has a 52-week low of $3.86 and a 52-week high of $10.25.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zacks Investment Management bought a new position in shares of Foghorn Therapeutics in the third quarter valued at approximately $96,000. Lazard Asset Management LLC bought a new position in shares of Foghorn Therapeutics in the fourth quarter valued at approximately $49,000. SG Americas Securities LLC bought a new position in shares of Foghorn Therapeutics in the third quarter valued at approximately $99,000. Cubist Systematic Strategies LLC bought a new position in shares of Foghorn Therapeutics in the fourth quarter valued at approximately $51,000. Finally, XTX Topco Ltd bought a new position in shares of Foghorn Therapeutics in the third quarter valued at approximately $101,000. Institutional investors own 61.55% of the company’s stock.

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.