Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Up 3.1% – Should You Buy?

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shot up 3.1% during mid-day trading on Wednesday. The company traded as high as $7.30 and last traded at $7.22. Approximately 197,211 shares traded hands during trading, a decline of 84% from the average daily volume of 1,245,608 shares. The stock had previously closed at $7.00.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PHAT. Jefferies Financial Group reissued a “buy” rating and issued a $16.00 price objective on shares of Phathom Pharmaceuticals in a research note on Wednesday. Barclays decreased their target price on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, August 14th. Leerink Partners started coverage on shares of Phathom Pharmaceuticals in a research note on Wednesday, September 9th. They set a “market perform” rating and a $10.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Friday, July 17th. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.67.

Phathom Pharmaceuticals Stock Performance

The business’s fifty day moving average is $8.24 and its 200-day moving average is $10.18. The firm has a market cap of $616.05 million, a P/E ratio of -5.95 and a beta of 0.50.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in shares of Phathom Pharmaceuticals by 0.9% during the first quarter. Bank of New York Mellon Corp now owns 124,018 shares of the company’s stock worth $1,378,000 after buying an additional 1,051 shares during the period. Kera Capital Partners Inc. raised its stake in Phathom Pharmaceuticals by 10.6% during the first quarter. Kera Capital Partners Inc. now owns 26,826 shares of the company’s stock worth $298,000 after buying an additional 2,571 shares during the last quarter. Summit Securities Group LLC bought a new position in Phathom Pharmaceuticals during the first quarter worth $34,000. State of Wyoming acquired a new position in Phathom Pharmaceuticals in the first quarter valued at $55,000. Finally, Swiss National Bank lifted its holdings in Phathom Pharmaceuticals by 10.2% in the first quarter. Swiss National Bank now owns 92,600 shares of the company’s stock valued at $1,029,000 after buying an additional 8,600 shares during the period. 99.01% of the stock is currently owned by institutional investors and hedge funds.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company’s portfolio is centered on vonoprazan, a potassium-competitive acid blocker designed to suppress gastric acid production and provide an alternative to traditional proton pump inhibitors.

Phathom markets vonoprazan in the United States under the brand name Voquezna. The product is approved for the healing and maintenance of healing of erosive esophagitis, relief of associated heartburn, and treatment of heartburn related to non-erosive gastroesophageal reflux disease.