Hsbc Holdings PLC Invests $7.70 Million in Phathom Pharmaceuticals, Inc. $PHAT

Key Points

• HSBC Holdings bought 709,695 shares of Phathom Pharmaceuticals in the second quarter, valued at approximately $7.70 million and representing about 0.88% of the company. Institutional investors collectively own 99.01% of PHAT.
• PHAT shares were trading at $8.67, down 8.1%, near their 12-month low of $8.21 and well below the 12-month high of $18.31.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $21.25, despite some recent target reductions.

Hsbc Holdings PLC bought a new stake in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 709,695 shares of the company's stock, valued at approximately $7,702,000. Hsbc Holdings PLC owned approximately 0.88% of Phathom Pharmaceuticals at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its position in Phathom Pharmaceuticals by 508.2% during the first quarter. AQR Capital Management LLC now owns 107,399 shares of the company's stock valued at $673,000 after buying an additional 89,741 shares during the period. JPMorgan Chase & Co. raised its position in shares of Phathom Pharmaceuticals by 0.8% in the second quarter. JPMorgan Chase & Co. now owns 138,516 shares of the company's stock worth $1,328,000 after acquiring an additional 1,123 shares during the period. Rhumbline Advisers boosted its stake in shares of Phathom Pharmaceuticals by 13.8% during the 2nd quarter. Rhumbline Advisers now owns 64,557 shares of the company's stock worth $619,000 after acquiring an additional 7,818 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Phathom Pharmaceuticals by 13.4% during the 2nd 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. Finally, Nebula Research & Development LLC grew its position in shares of Phathom Pharmaceuticals by 31.6% during the 2nd quarter. Nebula Research & Development LLC now owns 37,937 shares of the company's stock valued at $364,000 after acquiring an additional 9,116 shares during the period. 99.01% of the stock is owned by hedge funds and other institutional investors.

Phathom Pharmaceuticals Trading Down 8.1%

PHAT stock opened at $8.67 on Thursday. Phathom Pharmaceuticals, Inc. has a 12-month low of $8.21 and a 12-month high of $18.31. The business's 50-day moving average is $9.97 and its 200 day moving average is $10.81. The stock has a market cap of $701.40 million, a price-to-earnings ratio of -6.77 and a beta of 0.51.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PHAT shares. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Craig Hallum restated a "buy" rating and issued a $20.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. Needham & Company LLC reduced their target price on Phathom Pharmaceuticals from $28.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Guggenheim dropped their price target on shares of Phathom Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Finally, Leerink Partners began coverage on shares of Phathom Pharmaceuticals in a report on Wednesday. They issued a "market perform" rating and a $10.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Phathom Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $21.25.

Phathom Pharmaceuticals 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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