Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 9.7% - What's Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report)'s share price fell 9.7% on Monday . The company traded as low as $8.46 and last traded at $8.06. 4,601,930 shares changed hands during trading, an increase of 224% from the average session volume of 1,418,347 shares. The stock had previously closed at $8.92.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PHAT. Needham & Company LLC reaffirmed a "buy" rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, June 6th. The Goldman Sachs Group lowered their price objective on shares of Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Guggenheim lowered their price objective on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Craig Hallum upped their price objective on shares of Phathom Pharmaceuticals from $12.00 to $17.00 and gave the stock a "buy" rating in a research report on Monday. Finally, Cantor Fitzgerald upgraded shares of 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 assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $17.50.

Phathom Pharmaceuticals Trading Up 11.0%

The company's 50-day simple moving average is $4.37 and its 200-day simple moving average is $5.91. The stock has a market capitalization of $700.23 million, a price-to-earnings ratio of -1.76 and a beta of 0.08.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in PHAT. Rhumbline Advisers boosted its stake in shares of Phathom Pharmaceuticals by 10.0% in the 4th quarter. Rhumbline Advisers now owns 55,968 shares of the company's stock valued at $454,000 after purchasing an additional 5,110 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Phathom Pharmaceuticals by 4.6% in the 4th quarter. Bank of New York Mellon Corp now owns 102,748 shares of the company's stock valued at $834,000 after purchasing an additional 4,557 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Phathom Pharmaceuticals in the 4th quarter valued at $171,000. Versor Investments LP bought a new stake in shares of Phathom Pharmaceuticals in the 4th quarter valued at $101,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Phathom Pharmaceuticals by 20.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 353,038 shares of the company's stock valued at $2,867,000 after purchasing an additional 60,178 shares during the last quarter. 99.01% of the stock is currently 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.