Foghorn Therapeutics Inc. (NASDAQ:FHTX) Sees Increase in Short Interest by 6.8% in December

Foghorn Therapeutics Inc. (NASDAQ:FHTX) experienced a notable rise in short interest for the month of December. As of December 15, the total short interest reached 948,600 shares, marking a 6.8% increase compared to the 888,000 shares recorded on November 30. With an average daily trading volume of 150,800 shares, this leads to a short-interest ratio of approximately 6.3 days. Currently, around 3.4% of the company’s total shares are sold short.

Recent Analyst Updates

Various research analysts have recently provided their insights on Foghorn Therapeutics' stocks. Notably, Morgan Stanley raised its target price from $6.00 to $9.00 and maintained an “equal weight” rating as stated in a report published on September 24. On the other hand, Jefferies Financial Group adjusted their price target downward from $18.00 to $14.00 while assigning a “buy” rating in a report released on December 16. HC Wainwright also reiterated a “buy” rating but reduced their target price from $20.00 to $13.00 in a note on December 17. Currently, one investment analyst rated the stock as a hold, while four others have issued buy ratings. MarketBeat data indicates that Foghorn Therapeutics holds an average rating of “Moderate Buy” with an average target price of $13.80.

Institutional Investor Activity

In recent developments, several institutional investors have adjusted their positions in Foghorn Therapeutics. Zacks Investment Management acquired a new stake worth $96,000 during the third quarter. Similarly, SG Americas Securities LLC purchased approximately $99,000 worth of shares in the same period. Renaissance Technologies LLC made a new investment valued at around $62,000 in the second quarter, while XTX Topco Ltd also acquired shares worth about $101,000 in the third quarter. Furthermore, The Manufacturers Life Insurance Company invested close to $64,000 in the second quarter. Overall, institutional investors and hedge funds collectively hold 61.55% of the company’s stock.

Foghorn Therapeutics Stock Overview

As for the stock performance, FHTX opened at $4.81 on the latest trading day. The company’s 50-day simple moving average stands at $7.12, the same as its 200-day simple moving average. Foghorn Therapeutics has seen a 52-week low of $2.70 and a high of $10.25. The market capitalization of the firm is approximately $267.40 million, with a P/E ratio of -2.51 and a beta of 3.10.

Company Background

Foghorn Therapeutics Inc. is a clinical-stage biopharmaceutical entity that concentrates on discovering and developing treatments aimed at genetically driven dependencies within the chromatin regulatory system. Utilizing its proprietary Gene Traffic Control platform, the company seeks to identify, validate, and develop potential drug targets within this regulatory framework.

Foghorn, Therapeutics, Stocks