Opaleye Management Inc. Purchases New Shares in Phathom Pharmaceuticals, Inc. $PHAT

Key Points

• Opaleye Management acquired 185,589 Phathom Pharmaceuticals shares worth approximately $2.0 million, while institutional investors collectively owned 99.01% of the company.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $21.25, despite several recent target-price reductions.
• PHAT shares opened at $8.37 after falling 3.5%, near their 52-week low of $8.21; Phathom is a clinical-stage biopharmaceutical company developing GI treatments, led by vonoprazan.

Opaleye Management Inc. acquired a new stake in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 185,589 shares of the company's stock, valued at approximately $2,014,000. Opaleye Management Inc. owned approximately 0.23% of Phathom Pharmaceuticals at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of Phathom Pharmaceuticals by 508.2% in the first quarter. AQR Capital Management LLC now owns 107,399 shares of the company's stock valued at $673,000 after acquiring an additional 89,741 shares during the period. JPMorgan Chase & Co. increased its position in Phathom Pharmaceuticals by 0.8% during 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 raised its stake in Phathom Pharmaceuticals by 13.8% in the 2nd quarter. Rhumbline Advisers now owns 64,557 shares of the company's stock worth $619,000 after purchasing an additional 7,818 shares in the last quarter. Invesco Ltd. raised its stake in Phathom Pharmaceuticals by 13.4% in the 2nd quarter. Invesco Ltd. now owns 4,140,072 shares of the company's stock worth $39,703,000 after purchasing an additional 489,260 shares in the last quarter. Finally, Nebula Research & Development LLC boosted its holdings in Phathom Pharmaceuticals by 31.6% in the 2nd quarter. Nebula Research & Development LLC now owns 37,937 shares of the company's stock valued at $364,000 after purchasing an additional 9,116 shares during the period. Institutional investors own 99.01% of the company's stock.

Wall Street Analyst Weigh In

PHAT has been the topic of several recent research reports. Needham & Company LLC lowered their target price on shares of Phathom Pharmaceuticals from $28.00 to $22.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. 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. Barclays lowered their price objective on Phathom Pharmaceuticals from $18.00 to $14.00 and set an "overweight" rating on the stock in a research note on Friday, August 14th. Guggenheim dropped 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. Finally, Leerink Partners assumed coverage on Phathom Pharmaceuticals in a research report on Wednesday. They set a "market perform" rating and a $10.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $21.25.

Phathom Pharmaceuticals Trading Down 3.5%

Shares of Phathom Pharmaceuticals stock opened at $8.37 on Friday. The company has a market cap of $677.13 million, a PE ratio of -6.54 and a beta of 0.51. The company has a 50 day moving average of $9.91 and a 200-day moving average of $10.79. Phathom Pharmaceuticals, Inc. has a 1-year low of $8.21 and a 1-year 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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