Avidity Partners Management LP Reduces Stake in Phathom Pharmaceuticals, Inc. $PHAT

Avidity Partners Management LP reduced its position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) by 32.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 206,076 shares of the company’s stock after selling 99,924 shares during the period. Phathom Pharmaceuticals accounts for approximately 1.0% of Avidity Partners Management LP’s investment portfolio, making the stock its 21st largest holding. Avidity Partners Management LP’s holdings in Phathom Pharmaceuticals were worth $3,419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of PHAT. Caitong International Asset Management Co. Ltd purchased a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth $27,000. Jones Financial Companies Lllp boosted its stake in shares of Phathom Pharmaceuticals by 442.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,523 shares of the company’s stock worth $30,000 after buying an additional 2,058 shares during the last quarter. Raymond James Financial Inc. bought a new position in Phathom Pharmaceuticals in the 2nd quarter worth $30,000. Kestra Advisory Services LLC bought a new position in Phathom Pharmaceuticals in the 4th quarter worth $38,000. Finally, BNP Paribas Financial Markets raised its holdings in Phathom Pharmaceuticals by 71.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company’s stock worth $49,000 after purchasing an additional 2,122 shares during the period. 99.01% of the stock is currently owned by hedge funds and other institutional investors.

Phathom Pharmaceuticals Stock Performance

Shares of Phathom Pharmaceuticals stock opened at $10.37 on Friday. Phathom Pharmaceuticals, Inc. has a one year low of $7.61 and a one year high of $18.31. The stock’s fifty day moving average is $11.52 and its 200 day moving average is $12.88. The stock has a market cap of $827.11 million, a P/E ratio of -4.89 and a beta of 0.50.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PHAT. Barclays raised Phathom Pharmaceuticals from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $16.00 to $18.00 in a report on Friday, March 27th. Guggenheim raised their target price on Phathom Pharmaceuticals from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Stifel Nicolaus set a $28.00 target price on Phathom Pharmaceuticals in a report on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

Phathom Pharmaceuticals Profile

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.