Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 8.2% – What’s Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price dropped 8.2% during mid-day trading on Thursday . The company traded as low as $8.56 and last traded at $8.56. 380,737 shares changed hands during trading, a decline of 69% from the average daily volume of 1,246,752 shares. The stock had previously closed at $9.32.

Wall Street Analyst Weigh In

PHAT has been the subject of several recent research reports. Needham & Company LLC cut their price objective on Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Guggenheim dropped their price objective on Phathom Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Craig Hallum reiterated a “buy” rating and issued a $20.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. Weiss Ratings restated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. Finally, Barclays decreased their price objective on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.86.

Phathom Pharmaceuticals Trading Down 8.6%

The firm has a market capitalization of $689.27 million, a P/E ratio of -6.66 and a beta of 0.51. The company’s fifty day moving average is $10.44 and its 200-day moving average is $11.19.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of PHAT. Millennium Management LLC boosted its holdings in Phathom Pharmaceuticals by 125.8% in the 3rd quarter. Millennium Management LLC now owns 5,081,451 shares of the company’s stock valued at $59,809,000 after purchasing an additional 2,830,954 shares during the period. BlackRock Inc. bought a new position in shares of Phathom Pharmaceuticals during the 2nd quarter worth about $49,098,000. Invesco Ltd. increased its holdings in shares of Phathom Pharmaceuticals by 13.4% during the 2nd quarter. Invesco Ltd. now owns 4,140,072 shares of the company’s stock worth $39,703,000 after purchasing an additional 489,260 shares during the period. Carlyle Group Inc. acquired a new position in shares of Phathom Pharmaceuticals during the second quarter valued at about $37,940,000. Finally, Vanguard Group Inc. raised its position in shares of Phathom Pharmaceuticals by 15.4% during the third quarter. Vanguard Group Inc. now owns 3,215,572 shares of the company’s stock valued at $37,847,000 after buying an additional 428,261 shares during the last quarter. Institutional investors own 99.01% of the company’s stock.

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.