Phathom Pharmaceuticals (NASDAQ:PHAT) Sees Strong Trading Volume - Here's Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) shares saw unusually-strong trading volume on Friday . Approximately 3,778,055 shares traded hands during mid-day trading, an increase of 215% from the previous session's volume of 1,199,689 shares.The stock last traded at $10.66 and had previously closed at $4.69.

Analysts Set New Price Targets

A number of analysts recently weighed in on PHAT shares. Craig Hallum upped their target price on shares of Phathom Pharmaceuticals from $12.00 to $17.00 and gave the stock a "buy" rating in a research note on Monday. The Goldman Sachs Group cut their target price on shares of Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Guggenheim cut their target price on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Cantor Fitzgerald upgraded shares of Phathom Pharmaceuticals to a "strong-buy" rating in a research note on Tuesday, February 25th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $17.50.

Phathom Pharmaceuticals Stock Down 1.0%

The stock has a fifty day moving average of $4.14 and a 200-day moving average of $5.87. The stock has a market capitalization of $616.46 million, a price-to-earnings ratio of -1.55 and a beta of 0.08.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP boosted its stake in Phathom Pharmaceuticals by 531.3% in the fourth quarter. Wasatch Advisors LP now owns 1,558,928 shares of the company's stock valued at $12,658,000 after acquiring an additional 1,311,986 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Phathom Pharmaceuticals in the first quarter valued at $3,738,000. Tang Capital Management LLC acquired a new position in Phathom Pharmaceuticals in the fourth quarter valued at $4,060,000. Raymond James Financial Inc. acquired a new position in Phathom Pharmaceuticals in the fourth quarter valued at $3,701,000. Finally, 683 Capital Management LLC boosted its stake in Phathom Pharmaceuticals by 41.0% in the first quarter. 683 Capital Management LLC now owns 1,445,000 shares of the company's stock valued at $9,060,000 after acquiring an additional 420,000 shares in the last quarter. 99.01% of the stock is owned by institutional investors and hedge funds.

About Phathom Pharmaceuticals

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.