Bank of America Corp DE Makes New Investment in Phathom Pharmaceuticals, Inc. $PHAT

Key Points

• Bank of America acquired 151,015 Phathom Pharmaceuticals shares during the second quarter, worth approximately $1.64 million and representing a 0.19% stake.
• Institutional ownership is substantial at 99.01%, with BlackRock and Carlyle Group among several firms initiating sizable positions during the quarter.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $21.25 target price, although PHAT recently opened at $7.08—near its 52-week low of $6.91.

Bank of America Corp DE acquired a new position in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 151,015 shares of the company's stock, valued at approximately $1,639,000. Bank of America Corp DE owned 0.19% of Phathom Pharmaceuticals at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Phathom Pharmaceuticals in the 2nd quarter valued at approximately $49,098,000. Carlyle Group Inc. acquired a new stake in Phathom Pharmaceuticals during the 2nd quarter worth approximately $37,940,000. Perceptive Advisors LLC bought a new position in Phathom Pharmaceuticals in the first quarter valued at approximately $10,277,000. Hsbc Holdings PLC bought a new position in Phathom Pharmaceuticals in the second quarter valued at approximately $7,702,000. Finally, EcoR1 Capital LLC acquired a new position in shares of Phathom Pharmaceuticals in the first quarter valued at approximately $6,944,000. 99.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PHAT. Craig Hallum reissued a "buy" rating and set a $20.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a research report on Friday, July 17th. Guggenheim reduced 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 note on Friday, July 31st. HC Wainwright reiterated a "buy" rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Finally, Leerink Partners began coverage on Phathom Pharmaceuticals in a research note on Wednesday, September 9th. They issued a "market perform" rating and a $10.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $21.25.

Phathom Pharmaceuticals Stock Performance

NASDAQ PHAT opened at $7.08 on Friday. Phathom Pharmaceuticals, Inc. has a 52 week low of $6.91 and a 52 week high of $18.31. The stock's 50 day moving average price is $8.77 and its two-hundred day moving average price is $10.39. The stock has a market capitalization of $572.77 million, a price-to-earnings ratio of -5.53 and a beta of 0.50.

Phathom Pharmaceuticals Profile

Phathom Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company's primary product is Voquezna (vonoprazan), a potassium-competitive acid blocker designed to suppress gastric acid production through a mechanism distinct from traditional proton pump inhibitors.

In the United States, Voquezna is approved for use in combination regimens to eradicate Helicobacter pylori (H. pylori) infection in adults.

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