4,525,129 Shares in Phathom Pharmaceuticals, Inc. $PHAT Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 4.53 million shares of Phathom Pharmaceuticals in the second quarter, valued at approximately $49.1 million and representing about 5.59% of the company. Institutional investors collectively own 99.01% of PHAT.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $22.86, although several firms recently lowered their targets.
• PHAT opened at $9.57, near the lower end of its 12-month range of $8.21 to $18.31. Phathom is a clinical-stage biopharmaceutical company focused on gastrointestinal diseases, led by its vonoprazan treatment.

BlackRock Inc. acquired a new stake in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 4,525,129 shares of the company's stock, valued at approximately $49,098,000. BlackRock Inc. owned approximately 5.59% of Phathom Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in PHAT. Millennium Management LLC increased its holdings in Phathom Pharmaceuticals by 125.8% during the 3rd quarter. Millennium Management LLC now owns 5,081,451 shares of the company's stock worth $59,809,000 after purchasing an additional 2,830,954 shares in the last quarter. Perceptive Advisors LLC acquired a new position in shares of Phathom Pharmaceuticals during the first quarter worth about $10,277,000. EcoR1 Capital LLC acquired a new position in shares of Phathom Pharmaceuticals during the first quarter worth about $6,944,000. Moore Capital Management LP bought a new position in shares of Phathom Pharmaceuticals during the second quarter worth about $5,754,000. Finally, Invesco Ltd. grew its holdings in shares of Phathom Pharmaceuticals by 13.4% during the second quarter. Invesco Ltd. now owns 4,140,072 shares of the company's stock worth $39,703,000 after buying an additional 489,260 shares in the last quarter. Institutional investors and hedge funds own 99.01% of the company's stock.

Analysts Set New Price Targets

PHAT has been the topic of several research reports. Craig Hallum restated 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 reiterated a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a report on Friday, July 17th. HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. Guggenheim decreased their target price on shares of Phathom Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Finally, Needham & Company LLC lowered their price target on shares of Phathom Pharmaceuticals from $28.00 to $22.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Phathom Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $22.86.

Phathom Pharmaceuticals Stock Up 4.2%

PHAT opened at $9.57 on Tuesday. Phathom Pharmaceuticals, Inc. has a 12-month low of $8.21 and a 12-month high of $18.31. The stock has a market cap of $774.21 million, a price-to-earnings ratio of -7.48 and a beta of 0.51. The business has a 50 day moving average of $10.17 and a 200-day moving average of $10.96.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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