Short Interest in Foghorn Therapeutics Inc. (NASDAQ:FHTX) Increases By 9.1%

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totalling 1,200,000 shares, a growth 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 trading volume of 152,000 shares, the short-interest ratio is currently 7.9 days.

Insider Buying and Selling

In related news, insider Carlos Costa sold 35,756 shares of Foghorn Therapeutics 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 filing with the SEC, which is available at the SEC website. 9.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Foghorn Therapeutics

A number of hedge funds have recently made changes to their positions in FHTX. Rhumbline Advisers increased 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 acquiring an additional 9,171 shares during the period. SG Americas Securities LLC bought a new stake in shares of Foghorn Therapeutics during the 3rd quarter worth about $99,000. Renaissance Technologies LLC acquired a new stake in Foghorn Therapeutics in the second quarter worth approximately $62,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Foghorn Therapeutics in the second quarter valued at $64,000. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Foghorn Therapeutics during the 1st quarter valued at about $77,000. Institutional investors own 61.55% of the company’s stock.

Foghorn Therapeutics Stock Performance

Shares of Foghorn Therapeutics stock traded down $0.37 on Thursday, reaching $7.74. 68,852 shares of the company were exchanged, 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 has a market cap of $329.62 million, a price-to-earnings ratio of -3.61 and a beta of 3.11. The company’s 50-day moving average is $8.05 and its two-hundred day moving average is $6.69.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FHTX. Jefferies Financial Group initiated coverage on Foghorn Therapeutics in a report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 price target for the company. Evercore ISI began coverage on shares of Foghorn Therapeutics in a research report on Monday, August 19th. They set an “outperform” rating and a $20.00 price target for the company. Wedbush reaffirmed an “outperform” rating and issued a $13.00 price target on shares of Foghorn Therapeutics in a report on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $20.00 target price on shares of Foghorn Therapeutics in a report on Monday, August 12th. Finally, Morgan Stanley boosted their price target on 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’s stock. According to MarketBeat.com, Foghorn Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

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.