Simplify Asset Management Inc. Sells 160,000 Shares of Phathom Pharmaceuticals, Inc. $PHAT

Simplify Asset Management Inc. reduced its holdings in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) by 23.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 521,935 shares of the company’s stock after selling 160,000 shares during the quarter. Phathom Pharmaceuticals comprises 0.3% of Simplify Asset Management Inc.’s investment portfolio, making the stock its 25th largest position. Simplify Asset Management Inc.’s holdings in Phathom Pharmaceuticals were worth $5,005,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. CWM LLC raised its holdings in shares of Phathom Pharmaceuticals by 20,997.1% during the first quarter. CWM LLC now owns 7,384 shares of the company’s stock valued at $46,000 after acquiring an additional 7,349 shares in the last quarter. Savant Capital LLC purchased a new position in Phathom Pharmaceuticals during the 2nd quarter valued at $113,000. Corton Capital Inc. purchased a new position in Phathom Pharmaceuticals during the 1st quarter valued at $115,000. US Bancorp DE raised its holdings in Phathom Pharmaceuticals by 248.1% in the 1st quarter. US Bancorp DE now owns 23,763 shares of the company’s stock worth $149,000 after purchasing an additional 16,937 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Phathom Pharmaceuticals in the 1st quarter worth about $262,000. 99.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PHAT. HC Wainwright lifted their target price on shares of Phathom Pharmaceuticals from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Wall Street Zen raised Phathom Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, October 18th. Craig Hallum reissued a “buy” rating and issued a $22.00 target price on shares of Phathom Pharmaceuticals in a research report on Friday, October 31st. Guggenheim reissued a “buy” rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Thursday, October 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Phathom Pharmaceuticals Price Performance

PHAT opened at $13.73 on Tuesday. The firm has a market cap of $976.75 million, a PE ratio of -3.59 and a beta of 0.47. The stock has a 50-day moving average price of $12.46 and a 200-day moving average price of $9.42. Phathom Pharmaceuticals, Inc. has a 1 year low of $2.21 and a 1 year high of $17.63.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals, Inc, biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada for an investigational potassium-competitive acid blocker (P-CAB) that blocks acid secretion in the stomach.