Hsbc Holdings PLC Purchases Shares of 709,695 Phathom Pharmaceuticals, Inc. $PHAT

Key Points

• Hsbc Holdings PLC purchased 709,695 Phathom Pharmaceuticals shares worth approximately $7.7 million, acquiring about 0.88% of the company. Institutional investors collectively own 99.01% of PHAT.
• Analyst sentiment remains largely positive, with one Strong Buy, six Buy, and one Sell rating; the consensus rating is Moderate Buy with an average price target of $22.86.
• PHAT opened at $9.18, near its 52-week low of $8.21 and below its 50- and 200-day moving averages. Phathom is a clinical-stage biopharmaceutical company developing gastrointestinal treatments, led by its vonoprazan product.

Hsbc Holdings PLC purchased a new position in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 709,695 shares of the company's stock, valued at approximately $7,702,000. Hsbc Holdings PLC owned approximately 0.88% of Phathom Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the business. Legal & General Group Plc purchased a new stake in shares of Phathom Pharmaceuticals in the 2nd quarter valued at $355,000. The Manufacturers Life Insurance Company purchased a new position in Phathom Pharmaceuticals in the 2nd quarter worth $148,000. Quantbot Technologies LP purchased a new position in Phathom Pharmaceuticals in the 2nd quarter worth $464,000. Allworth Financial LP bought a new stake in Phathom Pharmaceuticals in the second quarter worth $113,000. Finally, Tocqueville Asset Management L.P. bought a new stake in Phathom Pharmaceuticals in the second quarter worth $130,000. 99.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PHAT shares. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price objective on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. Guggenheim decreased their price objective on Phathom Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating on the stock 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 set a $20.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Finally, Needham & Company LLC reduced their price target on Phathom Pharmaceuticals from $28.00 to $22.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Phathom Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $22.86.

Phathom Pharmaceuticals Stock Up 2.7%

NASDAQ:PHAT opened at $9.18 on Friday. The firm has a market capitalization of $742.66 million, a P/E ratio of -7.17 and a beta of 0.51. The company has a fifty day moving average of $10.19 and a 200 day moving average of $10.99. Phathom Pharmaceuticals, Inc. has a 52 week low of $8.21 and a 52 week high of $18.31.

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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