Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Up 14.7% – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares traded up 14.7% during trading on Wednesday. The company traded as high as $6.21 and last traded at $6.25. Approximately 1,052,587 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 1,307,454 shares. The stock had previously closed at $5.45.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PHAT. Jefferies Financial Group reissued a “buy” rating and issued a $16.00 target price on shares of Phathom Pharmaceuticals in a research note on Wednesday, October 14th. Barclays cut their price target on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Thursday, October 15th. Citigroup reaffirmed a “buy” rating on shares of Phathom Pharmaceuticals in a research report on Friday, October 30th. Finally, Craig Hallum reiterated a “buy” rating and set a $15.00 target price on shares of Phathom Pharmaceuticals in a report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Phathom Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.11.

Phathom Pharmaceuticals Stock Performance

The stock has a market cap of $484.08 million, a PE ratio of -5.77 and a beta of 0.69. The company’s 50-day moving average price is $7.03 and its 200 day moving average price is $10.08.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of PHAT. Allworth Financial LP increased its stake in shares of Phathom Pharmaceuticals by 26.1% during the third quarter. Allworth Financial LP now owns 13,172 shares of the company’s stock worth $96,000 after purchasing an additional 2,729 shares in the last quarter. Kornitzer Capital Management Inc. KS purchased a new position in Phathom Pharmaceuticals in the 3rd quarter valued at $460,000. Catalys Pacific LLC lifted its holdings in Phathom Pharmaceuticals by 26.0% in the 3rd quarter. Catalys Pacific LLC now owns 1,882,039 shares of the company’s stock valued at $13,739,000 after purchasing an additional 388,185 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Phathom Pharmaceuticals during the 3rd quarter worth $30,000. Finally, Profund Advisors LLC boosted its stake in Phathom Pharmaceuticals by 602.3% during the 3rd quarter. Profund Advisors LLC now owns 121,331 shares of the company’s stock worth $886,000 after purchasing an additional 104,054 shares during the last quarter. 99.01% of the stock is owned by institutional investors.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. Founded in 2018, the company is based in Florham Park, New Jersey, and concentrates its commercial activities on the U.S. market. Its primary product is Voquezna (vonoprazan), an acid blocker used to treat certain conditions involving gastroesophageal reflux disease (GERD), including erosive esophagitis and heartburn associated with non-erosive GERD. Vonoprazan is also used with antibiotics to treat Helicobacter pylori infection.