Hennion & Walsh Asset Management Inc. Has $3.55 Million Stake in Phathom Pharmaceuticals, Inc. $PHAT

Key Points

• Hennion & Walsh Asset Management increased its Phathom Pharmaceuticals stake by 124.3% in the second quarter, owning 327,278 shares valued at approximately $3.55 million.
• Institutional investors hold 99.01% of Phathom’s stock, with Millennium Management, Invesco and several other funds also expanding their positions or initiating new stakes.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $23.43, despite recent target reductions; PHAT opened at $8.57 and remains near its 12-month low.

Hennion & Walsh Asset Management Inc. increased its position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) by 124.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 327,278 shares of the company's stock after purchasing an additional 181,346 shares during the period. Hennion & Walsh Asset Management Inc. owned approximately 0.41% of Phathom Pharmaceuticals worth $3,551,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Millennium Management LLC raised its holdings in Phathom Pharmaceuticals by 125.8% during the third quarter. Millennium Management LLC now owns 5,081,451 shares of the company's stock worth $59,809,000 after buying an additional 2,830,954 shares during the last quarter. Perceptive Advisors LLC acquired a new position in shares of Phathom Pharmaceuticals during the first quarter valued at about $10,277,000. EcoR1 Capital LLC bought a new stake in shares of Phathom Pharmaceuticals during the first quarter worth about $6,944,000. Moore Capital Management LP bought a new stake in shares of Phathom Pharmaceuticals during the second quarter worth about $5,754,000. Finally, Invesco Ltd. increased its position 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 acquiring an additional 489,260 shares in the last quarter. Institutional investors and hedge funds own 99.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Needham & Company LLC dropped 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 report on Thursday, July 30th. Guggenheim decreased their price objective on Phathom Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating for the company in a report on Friday, July 31st. Weiss Ratings reissued a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. Craig Hallum restated a "buy" rating and issued a $20.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Finally, HC Wainwright reaffirmed a "buy" rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Phathom Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $23.43.

Phathom Pharmaceuticals Stock Up 0.2%

Shares of NASDAQ PHAT opened at $8.57 on Tuesday. The company has a market capitalization of $693.31 million, a PE ratio of -6.70 and a beta of 0.51. The stock's 50 day moving average price is $10.55 and its 200-day moving average price is $11.42. Phathom Pharmaceuticals, Inc. has a twelve month low of $8.21 and a twelve month high of $18.31.

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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