Foghorn Therapeutics Inc. (NASDAQ:FHTX) Short Interest Up 6.8% in December

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the target of a large growth in short interest in December. As of December 15th, there was short interest totalling 948,600 shares, a growth of 6.8% from the November 30th total of 888,000 shares. Currently, 3.4% of the company’s stock are sold short. Based on an average daily volume of 150,800 shares, the days-to-cover ratio is currently 6.3 days.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FHTX shares. Morgan Stanley boosted their price target on Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 24th. HC Wainwright restated a “buy” rating and issued a $13.00 target price (down from $20.00) on shares of Foghorn Therapeutics in a report on Tuesday, December 17th. Finally, Jefferies Financial Group decreased their target price on 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 and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $13.80.

Foghorn Therapeutics Price Performance

Shares of Foghorn Therapeutics stock opened at $4.81 on Thursday. The company has a market cap of $267.40 million, a PE ratio of -2.51 and a beta of 3.10. The firm has a fifty day moving average price of $7.12 and a two-hundred day moving average price of $7.12. Foghorn Therapeutics has a fifty-two week low of $2.70 and a fifty-two week high of $10.25.

Institutional Investors Weigh In On Foghorn Therapeutics

Hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in Foghorn Therapeutics by 10.2% during the third 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 during the period. MetLife Investment Management LLC grew its holdings in shares of Foghorn Therapeutics by 129.1% during the 3rd 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 in the last quarter. Rhumbline Advisers increased its position in shares of Foghorn Therapeutics by 34.3% during the second 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 period. Zacks Investment Management acquired a new position in shares of Foghorn Therapeutics in the third quarter valued at $96,000. Finally, SG Americas Securities LLC bought a new position in Foghorn Therapeutics in the third quarter worth $99,000. Institutional investors own 61.55% of the company’s stock.

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.