Bank of New York Mellon Corp Purchases Shares of 152,313 Phathom Pharmaceuticals, Inc. $PHAT

Key Points

• Bank of New York Mellon purchased 152,313 Phathom Pharmaceuticals shares valued at approximately $1.65 million, while institutional investors collectively own 99.01% of PHAT.
• Analyst sentiment remains broadly positive, with an average “Moderate Buy” rating and an average price target of $22.86, despite several target-price reductions.
• PHAT opened at $9.43, near its 52-week low of $8.21 and below its 50- and 200-day moving averages; Phathom is focused on gastrointestinal treatments, led by vonoprazan.

Bank of New York Mellon Corp purchased a new stake in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 152,313 shares of the company's stock, valued at approximately $1,653,000. Bank of New York Mellon Corp owned approximately 0.19% of Phathom Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new position in Phathom Pharmaceuticals during the fourth quarter worth about $27,000. Raymond James Financial Inc. purchased a new stake in shares of Phathom Pharmaceuticals in the 2nd quarter valued at about $30,000. Summit Securities Group LLC bought a new stake in shares of Phathom Pharmaceuticals during the 1st quarter valued at about $34,000. Kestra Advisory Services LLC bought a new stake in shares of Phathom Pharmaceuticals during the 4th quarter valued at about $38,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Phathom Pharmaceuticals by 71.9% during the second quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company's stock worth $49,000 after purchasing an additional 2,122 shares in the last quarter. Hedge funds and other institutional investors own 99.01% of the company's stock.

Analyst Upgrades and Downgrades

PHAT has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. Barclays cut their target price on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Friday, August 14th. Craig Hallum reiterated a "buy" rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. HC Wainwright reissued a "buy" rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. Finally, Guggenheim dropped their price target 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. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Phathom Pharmaceuticals presently has an average rating of "Moderate Buy" and an average target price of $22.86.

Phathom Pharmaceuticals Stock Down 0.7%

Shares of PHAT stock opened at $9.43 on Wednesday. The stock has a fifty day moving average of $10.00 and a 200 day moving average of $10.84. Phathom Pharmaceuticals, Inc. has a 52 week low of $8.21 and a 52 week high of $18.31. The firm has a market capitalization of $762.90 million, a price-to-earnings ratio of -7.37 and a beta of 0.51.

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.

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