Phathom Pharmaceuticals, Inc. $PHAT Stock Purchased by Catalys Pacific LLC

Key Points

• Catalys Pacific increased its Phathom Pharmaceuticals stake by 26% in the third quarter, adding 388,185 shares to reach 1.88 million shares, or about 2.33% of the company.
• Institutional ownership is high at 99.01%, with several other investors also building positions. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $20.11.
• PHAT opened at $5.74, near its one-year low of $5.01 and well below its one-year high of $18.31.

Catalys Pacific LLC lifted its stake in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) by 26.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,882,039 shares of the company's stock after acquiring an additional 388,185 shares during the quarter. Phathom Pharmaceuticals makes up approximately 6.6% of Catalys Pacific LLC's holdings, making the stock its 2nd biggest position. Catalys Pacific LLC owned about 2.33% of Phathom Pharmaceuticals worth $13,739,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Carlyle Group Inc. bought a new position in shares of Phathom Pharmaceuticals in the second quarter worth approximately $37,940,000. Renaissance Technologies LLC bought a new stake in shares of Phathom Pharmaceuticals during the 1st quarter valued at $3,397,000. SummitTX Capital L.P. raised its position in shares of Phathom Pharmaceuticals by 92.3% during the 1st quarter. SummitTX Capital L.P. now owns 995,885 shares of the company's stock valued at $11,064,000 after purchasing an additional 478,065 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in shares of Phathom Pharmaceuticals by 124.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 327,278 shares of the company's stock valued at $3,551,000 after acquiring an additional 181,346 shares in the last quarter. Finally, Opaleye Management Inc. bought a new position in Phathom Pharmaceuticals in the 2nd quarter worth approximately $2,014,000. 99.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Craig Hallum reissued a "buy" rating and issued a $15.00 target price on shares of Phathom Pharmaceuticals in a report on Wednesday, October 21st. Barclays cut their target price on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Friday, August 14th. Guggenheim reduced their price target on shares of Phathom Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Needham & Company LLC reduced their price target 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. Finally, Citigroup reiterated a "buy" rating on shares of Phathom Pharmaceuticals in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $20.11.

Phathom Pharmaceuticals Stock Performance

Shares of PHAT stock opened at $5.74 on Wednesday. Phathom Pharmaceuticals, Inc. has a 1 year low of $5.01 and a 1 year high of $18.31. The stock's 50 day simple moving average is $7.52 and its two-hundred day simple moving average is $10.38.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals, Inc NASDAQ: PHAT is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company's principal product is Voquezna (vonoprazan), a potassium-competitive acid blocker designed to suppress stomach acid through a mechanism distinct from traditional proton pump inhibitors.

In the United States, Voquezna is approved for the treatment of Helicobacter pylori infection in combination with antibiotics and for certain forms of gastroesophageal reflux disease (GERD), including erosive esophagitis and heartburn associated with non-erosive GERD.

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