Squarepoint Ops LLC Lowers Stock Position in Phathom Pharmaceuticals, Inc. $PHAT

Key Points

• Squarepoint Ops LLC cut its Phathom Pharmaceuticals stake by 88.5% in the second quarter, selling 243,566 shares and retaining 31,595 shares valued at approximately $343,000.
• Institutional investors own 99.01% of PHAT, while the stock opened at $7.76—near its 52-week low of $7.31 and below its 50-day and 200-day moving averages.
• Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $21.25, despite several recent target cuts and ratings ranging from Strong Buy to Sell.

Squarepoint Ops LLC lessened its stake in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) by 88.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,595 shares of the company's stock after selling 243,566 shares during the quarter. Squarepoint Ops LLC's holdings in Phathom Pharmaceuticals were worth $343,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PHAT. Summit Securities Group LLC purchased a new stake in shares of Phathom Pharmaceuticals during the first quarter worth about $34,000. State of Wyoming purchased a new stake in Phathom Pharmaceuticals during the first quarter worth $55,000. ProShare Advisors LLC acquired a new stake in shares of Phathom Pharmaceuticals during the 4th quarter valued at about $172,000. 9823 Capital L.P. acquired a new stake in Phathom Pharmaceuticals in the fourth quarter valued at approximately $173,000. Finally, Allworth Financial LP purchased a new stake in Phathom Pharmaceuticals in the 2nd quarter worth $113,000. Hedge funds and other institutional investors own 99.01% of the company's stock.

Phathom Pharmaceuticals Price Performance

Phathom Pharmaceuticals stock opened at $7.76 on Wednesday. The stock's fifty day moving average is $9.32 and its two-hundred day moving average is $10.57. The stock has a market cap of $627.78 million, a PE ratio of -6.06 and a beta of 0.51. Phathom Pharmaceuticals, Inc. has a 1-year low of $7.31 and a 1-year high of $18.31.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PHAT. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. Leerink Partners initiated coverage on shares of Phathom Pharmaceuticals in a report on Wednesday, September 9th. They issued a "market perform" rating and a $10.00 target price on the stock. Needham & Company LLC lowered their price target on Phathom Pharmaceuticals from $28.00 to $22.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Barclays dropped their target price on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an "overweight" rating for the company in a report on Friday, August 14th. Finally, Guggenheim cut 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. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $21.25.

About Phathom Pharmaceuticals

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

In the United States, Voquezna is approved for use in combination regimens to eradicate Helicobacter pylori (H. pylori) infection in adults.

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