Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 6% – Time to Sell?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares were down 6% during trading on Wednesday . The company traded as low as $12.08 and last traded at $11.9970. Approximately 674,263 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 1,148,278 shares. The stock had previously closed at $12.76.

Analyst Ratings Changes

A number of brokerages recently issued reports on PHAT. Guggenheim reiterated a “buy” rating and set a $20.00 price objective on shares of Phathom Pharmaceuticals in a research note on Thursday, October 30th. Craig Hallum reaffirmed a “buy” rating and set a $22.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, October 31st. HC Wainwright increased their price objective on shares of Phathom Pharmaceuticals from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Barclays initiated coverage on shares of Phathom Pharmaceuticals in a research report on Monday, December 8th. They set an “equal weight” rating and a $16.00 price objective on the stock. Finally, Raymond James Financial assumed coverage on shares of Phathom Pharmaceuticals in a report on Thursday, December 11th. They issued a “strong-buy” rating and a $28.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Phathom Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $20.71.

Phathom Pharmaceuticals Price Performance

The stock has a market cap of $848.47 million, a P/E ratio of -3.11 and a beta of 0.51. The stock’s 50-day moving average is $14.83 and its two-hundred day moving average is $13.37.

Institutional Trading of Phathom Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. VARCOV Co. bought a new position in shares of Phathom Pharmaceuticals during the 4th quarter valued at approximately $1,439,000. Virtus Investment Advisers LLC raised its stake in Phathom Pharmaceuticals by 5.9% during the fourth quarter. Virtus Investment Advisers LLC now owns 46,937 shares of the company’s stock valued at $779,000 after purchasing an additional 2,631 shares in the last quarter. SummitTX Capital L.P. lifted its position in Phathom Pharmaceuticals by 34.2% during the fourth quarter. SummitTX Capital L.P. now owns 517,820 shares of the company’s stock valued at $8,591,000 after purchasing an additional 131,852 shares during the last quarter. Janus Henderson Group PLC purchased a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth $357,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Phathom Pharmaceuticals in the 4th quarter worth about $734,000. 99.01% of the stock is owned by hedge funds and other institutional investors.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.