Needham & Company LLC Has Lowered Expectations for Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price

Key Points

• Needham & Company lowered Phathom Pharmaceuticals’ price target from $28 to $22 while maintaining a “Buy” rating, implying 146.17% upside from the previous close. The analyst consensus remains “Moderate Buy,” with an average target of $24.14.
• Phathom shares fell $2.70 to $8.94, near their 52-week low of $8.02, amid trading volume well above average. The company reported a quarterly loss of $0.08 per share, missing estimates by $0.02, although revenue of $74.27 million exceeded expectations.
• Institutional investors own approximately 99.01% of Phathom’s stock, with several funds recently initiating or increasing positions. The company is focused on gastrointestinal treatments, including its lead asset vonoprazan.

Phathom Pharmaceuticals (NASDAQ:PHAT - Get Free Report) had its price target lowered by stock analysts at Needham & Company LLC from $28.00 to $22.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price target would indicate a potential upside of 146.17% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. HC Wainwright reiterated a "buy" rating and issued a $26.00 target price on shares of Phathom Pharmaceuticals in a research report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Phathom Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $24.14.

Phathom Pharmaceuticals Stock Performance

NASDAQ PHAT traded down $2.70 on Thursday, hitting $8.94. The stock had a trading volume of 5,663,614 shares, compared to its average volume of 1,195,324. Phathom Pharmaceuticals has a 52-week low of $8.02 and a 52-week high of $18.31. The company has a market capitalization of $712.82 million, a price-to-earnings ratio of -4.21 and a beta of 0.49. The firm has a 50-day moving average of $10.87 and a 200-day moving average of $11.76.

Phathom Pharmaceuticals (NASDAQ:PHAT - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.02). The business had revenue of $74.27 million during the quarter, compared to analyst estimates of $72.70 million. As a group, research analysts anticipate that Phathom Pharmaceuticals will post -0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Phathom Pharmaceuticals in the 4th quarter worth approximately $27,000. Raymond James Financial Inc. bought a new stake in Phathom Pharmaceuticals in the second quarter worth $30,000. Summit Securities Group LLC bought a new stake in Phathom Pharmaceuticals in the first quarter worth $34,000. Kestra Advisory Services LLC purchased a new stake in shares of Phathom Pharmaceuticals in the fourth quarter worth $38,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Phathom Pharmaceuticals by 71.9% in the second quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company's stock worth $49,000 after acquiring an additional 2,122 shares during the last quarter. 99.01% of the stock is currently owned by institutional investors.

About Phathom Pharmaceuticals

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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