Foghorn Therapeutics Inc. (NASDAQ:FHTX) Short Interest Down 13.0% in November

Foghorn Therapeutics Inc. (NASDAQ:FHTX) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 983,500 shares, a drop of 13.0% from the October 31st total of 1,130,000 shares. Currently, 3.5% of the shares of the company are sold short. Based on an average daily trading volume, of 158,900 shares, the days-to-cover ratio is currently 6.2 days.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Jefferies Financial Group started coverage on Foghorn Therapeutics in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $18.00 target price for the company. Morgan Stanley raised their price objective on shares of Foghorn Therapeutics from $6.00 to $9.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 24th. Evercore ISI started coverage on Foghorn Therapeutics in a report on Monday, August 19th. They issued an “outperform” rating and a $20.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $20.00 price target on shares of Foghorn Therapeutics in a report on Monday, August 12th. Finally, Wedbush reaffirmed an “outperform” rating and set a $13.00 price target on shares of Foghorn Therapeutics in a report on Thursday, August 8th. 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

Foghorn Therapeutics Stock Up 2.6 %

FHTX traded up $0.20 during mid-day trading on Friday, reaching $7.99. The stock had a trading volume of 38,084 shares, compared to its average volume of 118,163. The firm’s fifty day simple moving average is $8.19 and its two-hundred day simple moving average is $7.13. Foghorn Therapeutics has a 52 week low of $2.70 and a 52 week high of $10.25.

Insiders Place Their Bets

In other news, insider Carlos Costa sold 35,756 shares of the business’s stock in a transaction dated 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 accessible through this hyperlink. Company insiders own 9.07% of the company’s stock.

Institutional Trading of Foghorn Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Deerfield Management Company L.P. Series C acquired a new stake in shares of Foghorn Therapeutics during the 2nd quarter worth approximately $14,481,000. Raymond James & Associates grew its holdings in Foghorn Therapeutics by 4.8% during the 2nd quarter. Raymond James & Associates now owns 2,338,423 shares of the company’s stock worth $13,446,000 after acquiring an additional 107,967 shares during the period. Vanguard Group Inc. raised its position in shares of Foghorn Therapeutics by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 1,102,493 shares of the company’s stock valued at $7,398,000 after acquiring an additional 77,380 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Foghorn Therapeutics by 27.5% in the 3rd quarter. Geode Capital Management LLC now owns 677,386 shares of the company’s stock valued at $6,308,000 after purchasing an additional 146,276 shares during the period. Finally, Driehaus Capital Management LLC boosted its position in shares of Foghorn Therapeutics by 102.7% in the 2nd quarter. Driehaus Capital Management LLC now owns 568,470 shares of the company’s stock worth $3,269,000 after purchasing an additional 288,088 shares during the last quarter. 61.55% of the stock is currently owned by institutional investors and hedge funds.

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.