625,000 Shares in Phathom Pharmaceuticals, Inc. $PHAT Purchased by EcoR1 Capital LLC

Key Points

• EcoR1 Capital acquired 625,000 Phathom Pharmaceuticals shares in the first quarter, worth approximately $6.94 million, representing 0.78% of PHAT and 0.3% of EcoR1’s portfolio.
• Institutional ownership remains very high at 99.01%, with Millennium Management, Invesco, SummitTX Capital, Vanguard and others also increasing or initiating positions.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and a $24.50 average price target, while PHAT recently traded at $11.95.

EcoR1 Capital LLC purchased a new stake in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 625,000 shares of the company's stock, valued at approximately $6,944,000. Phathom Pharmaceuticals makes up 0.3% of EcoR1 Capital LLC's portfolio, making the stock its 22nd biggest position. EcoR1 Capital LLC owned 0.78% of Phathom Pharmaceuticals at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PHAT. Millennium Management LLC lifted its stake in shares of Phathom Pharmaceuticals by 125.8% in the 3rd quarter. Millennium Management LLC now owns 5,081,451 shares of the company's stock valued at $59,809,000 after purchasing an additional 2,830,954 shares during the period. Moore Capital Management LP acquired a new stake in shares of Phathom Pharmaceuticals during the 2nd quarter valued at about $5,754,000. Invesco Ltd. increased its stake in shares of Phathom Pharmaceuticals by 13.4% in the 2nd quarter. Invesco Ltd. now owns 4,140,072 shares of the company's stock valued at $39,703,000 after purchasing an additional 489,260 shares in the last quarter. SummitTX Capital L.P. increased its stake in shares of Phathom Pharmaceuticals by 92.3% in the 1st quarter. SummitTX Capital L.P. now owns 995,885 shares of the company's stock valued at $11,064,000 after purchasing an additional 478,065 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Phathom Pharmaceuticals by 15.4% in the 3rd quarter. Vanguard Group Inc. now owns 3,215,572 shares of the company's stock worth $37,847,000 after purchasing an additional 428,261 shares during the period. 99.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PHAT. Weiss Ratings reissued a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a report on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $24.50.

Phathom Pharmaceuticals Trading Up 4.5%

PHAT stock opened at $11.95 on Tuesday. Phathom Pharmaceuticals, Inc. has a 12-month low of $8.02 and a 12-month high of $18.31. The business's 50-day moving average is $10.87 and its 200 day moving average is $11.84. The stock has a market cap of $953.08 million, a price-to-earnings ratio of -5.64 and a beta of 0.49.

Phathom Pharmaceuticals Company Profile

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.

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