Tang Capital Management LLC Makes New $4.06 Million Investment in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)

Tang Capital Management LLC purchased a new position in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 500,000 shares of the company's stock, valued at approximately $4,060,000. Tang Capital Management LLC owned about 0.73% of Phathom Pharmaceuticals at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Jennison Associates LLC boosted its stake in Phathom Pharmaceuticals by 20.4% in the fourth quarter. Jennison Associates LLC now owns 7,062,507 shares of the company's stock worth $57,348,000 after purchasing an additional 1,196,118 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Phathom Pharmaceuticals by 41.3% in the fourth quarter. Wells Fargo & Company MN now owns 25,516 shares of the company's stock valued at $207,000 after buying an additional 7,462 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Phathom Pharmaceuticals in the fourth quarter valued at about $3,701,000. Rhumbline Advisers lifted its position in Phathom Pharmaceuticals by 10.0% during the 4th quarter. Rhumbline Advisers now owns 55,968 shares of the company's stock worth $454,000 after buying an additional 5,110 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Phathom Pharmaceuticals by 20.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 353,038 shares of the company's stock worth $2,867,000 after acquiring an additional 60,178 shares during the last quarter. 99.01% of the stock is currently owned by institutional investors.

Phathom Pharmaceuticals Trading Down 3.7%

Shares of NASDAQ:PHAT traded down $0.16 during mid-day trading on Friday, reaching $4.07. The stock had a trading volume of 293,281 shares, compared to its average volume of 1,170,250. The firm has a 50 day simple moving average of $4.45 and a two-hundred day simple moving average of $6.52. Phathom Pharmaceuticals, Inc. has a twelve month low of $2.21 and a twelve month high of $19.71. The firm has a market cap of $284.42 million, a PE ratio of -0.71 and a beta of 0.15.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PHAT shares. HC Wainwright lowered their price objective on shares of Phathom Pharmaceuticals from $28.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Guggenheim lowered their price target on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Needham & Company LLC reaffirmed a "buy" rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a report on Monday, April 21st. The Goldman Sachs Group decreased their price objective on Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Finally, Cantor Fitzgerald upgraded Phathom Pharmaceuticals to a "strong-buy" rating in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $17.60.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals, Inc, biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada for an investigational potassium-competitive acid blocker (P-CAB) that blocks acid secretion in the stomach.