Tang Capital Management LLC Takes Position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)

Tang Capital Management LLC bought a new position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 500,000 shares of the company's stock, valued at approximately $4,060,000. Tang Capital Management LLC owned 0.73% 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 PHAT. Jennison Associates LLC lifted 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 valued at $57,348,000 after buying an additional 1,196,118 shares during the last quarter. Wells Fargo & Company MN lifted its stake in 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 stake in Phathom Pharmaceuticals in the fourth quarter valued at $3,701,000. Rhumbline Advisers lifted its stake in Phathom Pharmaceuticals by 10.0% in the fourth quarter. Rhumbline Advisers now owns 55,968 shares of the company's stock valued at $454,000 after buying an additional 5,110 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Phathom Pharmaceuticals by 20.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,038 shares of the company's stock valued at $2,867,000 after buying an additional 60,178 shares during the last quarter. 99.01% of the stock is owned by institutional investors and hedge funds.

Phathom Pharmaceuticals Stock Down 11.0%

NASDAQ PHAT traded down $0.48 on Wednesday, reaching $3.90. 1,184,617 shares of the stock traded hands, compared to its average volume of 1,172,751. Phathom Pharmaceuticals, Inc. has a 12 month low of $2.21 and a 12 month high of $19.71. The company has a market cap of $272.27 million, a price-to-earnings ratio of -0.69 and a beta of 0.15. The firm's fifty day simple moving average is $4.47 and its 200 day simple moving average is $6.64.

Analyst Upgrades and Downgrades

PHAT has been the subject of several analyst reports. Guggenheim reduced their price objective on Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Needham & Company LLC reiterated a "buy" rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Monday, April 21st. HC Wainwright reduced their price objective on Phathom Pharmaceuticals from $28.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Craig Hallum reiterated a "buy" rating on shares of Phathom Pharmaceuticals in a research report on Friday, March 7th. Finally, The Goldman Sachs Group reduced their price objective on Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Phathom Pharmaceuticals has an average rating of "Buy" and a consensus 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.