Avidity Partners Management LP Sells 414,393 Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)

Avidity Partners Management LP decreased its position in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) by 23.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,390,100 shares of the company's stock after selling 414,393 shares during the quarter. Avidity Partners Management LP owned about 2.03% of Phathom Pharmaceuticals worth $11,288,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Wasatch Advisors LP raised its holdings in Phathom Pharmaceuticals by 531.3% during the 4th quarter. Wasatch Advisors LP now owns 1,558,928 shares of the company's stock worth $12,658,000 after buying an additional 1,311,986 shares during the period. Jennison Associates LLC increased its position in Phathom Pharmaceuticals by 20.4% during the fourth quarter. Jennison Associates LLC now owns 7,062,507 shares of the company's stock worth $57,348,000 after acquiring an additional 1,196,118 shares during the period. Raymond James Financial Inc. bought a new stake in Phathom Pharmaceuticals in the 4th quarter valued at $3,701,000. Trexquant Investment LP acquired a new stake in shares of Phathom Pharmaceuticals during the 4th quarter worth about $3,075,000. Finally, Geode Capital Management LLC boosted its stake in Phathom Pharmaceuticals by 18.0% in the fourth quarter. Geode Capital Management LLC now owns 1,018,495 shares of the company's stock worth $8,272,000 after purchasing an additional 155,577 shares in the last quarter. Institutional investors own 99.01% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price target on Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC reissued a "buy" rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Monday, April 21st. Guggenheim cut their price target on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Craig Hallum reiterated a "buy" rating on shares of Phathom Pharmaceuticals in a report on Friday, March 7th. Finally, HC Wainwright lowered their price objective on Phathom Pharmaceuticals from $28.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $17.60.

Phathom Pharmaceuticals Stock Performance

Shares of PHAT traded up $0.87 during mid-day trading on Friday, hitting $3.16. 12,105,468 shares of the company traded hands, compared to its average volume of 1,136,133. The stock has a market cap of $220.61 million, a price-to-earnings ratio of -0.56 and a beta of 0.15. Phathom Pharmaceuticals, Inc. has a 1 year low of $2.21 and a 1 year high of $19.71. The stock has a 50-day moving average price of $4.71 and a two-hundred day moving average price of $7.45.

About Phathom Pharmaceuticals

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.