Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 6.8% - Time to Sell?

Key Points

• Shares fell 6.8% to about $12.55 on Tuesday with mid-day volume of ~407,155 shares (down 64% from the ~1.12M average), trading below its 200-day moving average of $13.44.
• Analysts are mixed but tilted positive: the consensus is a “Moderate Buy” with an average target of $22.50, and several firms have recently raised targets (e.g., Stifel $28, Guggenheim $25, Barclays to $18 with an upgrade).
• Fundamentals show a $1.03B market cap and negative EPS (reported -$0.08 for the quarter, beating estimates by $0.01) with revenue roughly in line with expectations; the lead asset is vonoprazan for GI disorders and institutional ownership is very high at 99.01%.

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report)'s stock price dropped 6.8% on Tuesday . The stock traded as low as $12.66 and last traded at $12.5530. Approximately 407,155 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 1,119,369 shares. The stock had previously closed at $13.47.

Analyst Ratings Changes

PHAT has been the topic of several recent analyst reports. Stifel Nicolaus set a $28.00 target price on shares of Phathom Pharmaceuticals in a report on Thursday, February 26th. Barclays upgraded shares of Phathom Pharmaceuticals from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $16.00 to $18.00 in a report on Friday, March 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a report on Thursday, January 22nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Phathom Pharmaceuticals in a report on Wednesday, January 14th. Finally, Guggenheim boosted their target price on shares of Phathom Pharmaceuticals from $20.00 to $25.00 and gave the company a "buy" rating in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $22.50.

Phathom Pharmaceuticals Stock Performance

The stock has a market cap of $1.03 billion, a PE ratio of -4.22 and a beta of 0.61. The stock's 50-day moving average is $11.59 and its two-hundred day moving average is $13.44.

Phathom Pharmaceuticals (NASDAQ:PHAT - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.09) by $0.01. The company had revenue of $57.58 million for the quarter, compared to analysts' expectations of $57.44 million. Analysts forecast that Phathom Pharmaceuticals, Inc. will post -0.12 EPS for the current year.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in PHAT. AQR Capital Management LLC lifted its holdings in Phathom Pharmaceuticals by 508.2% during the 1st quarter. AQR Capital Management LLC now owns 107,399 shares of the company's stock worth $673,000 after buying an additional 89,741 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Phathom Pharmaceuticals by 0.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 138,516 shares of the company's stock worth $1,328,000 after buying an additional 1,123 shares in the last quarter. Rhumbline Advisers lifted its holdings in Phathom Pharmaceuticals by 13.8% during the 2nd quarter. Rhumbline Advisers now owns 64,557 shares of the company's stock worth $619,000 after buying an additional 7,818 shares in the last quarter. Invesco Ltd. lifted its holdings in Phathom Pharmaceuticals by 13.4% during the 2nd quarter. Invesco Ltd. now owns 4,140,072 shares of the company's stock worth $39,703,000 after buying an additional 489,260 shares in the last quarter. Finally, Nebula Research & Development LLC lifted its holdings in Phathom Pharmaceuticals by 31.6% during the 2nd quarter. Nebula Research & Development LLC now owns 37,937 shares of the company's stock worth $364,000 after buying an additional 9,116 shares in the last quarter. 99.01% of the stock is currently owned by institutional investors and hedge funds.

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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