Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 10.2% - Here's What Happened

Key Points

• Phathom Pharmaceuticals shares fell 10.2% on Monday, trading as low as $11.70 after closing at $12.61 the prior day. Volume was also lighter than usual, with about 411,253 shares traded versus an average of 1.19 million.
• Despite the drop, analysts remain mixed-to-positive on the stock: Barclays upgraded PHAT to overweight and raised its target to $18, while HC Wainwright reiterated a buy rating with a $26 target. MarketBeat shows an average rating of Moderate Buy with a $24.50 price target.
• Phathom is a clinical-stage biopharmaceutical company focused on gastrointestinal diseases, with lead asset vonoprazan. The company has a market cap of about $895 million, and institutional investors own roughly 99% of the shares.

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) traded down 10.2% on Monday . The stock traded as low as $11.70 and last traded at $11.32. Approximately 411,253 shares were traded during mid-day trading, a decline of 65% from the average session volume of 1,186,402 shares. The stock had previously closed at $12.61.

Wall Street Analyst Weigh In

PHAT has been the topic of a number of research reports. Barclays upgraded Phathom Pharmaceuticals from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $16.00 to $18.00 in a report on Friday, March 27th. Weiss Ratings restated a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a report on Tuesday, April 21st. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price objective on shares of Phathom Pharmaceuticals in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $24.50.

Phathom Pharmaceuticals Trading Down 11.0%

The stock has a market cap of $895.31 million, a P/E ratio of -5.28 and a beta of 0.49. The firm's fifty day moving average is $11.09 and its 200 day moving average is $12.28.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in Phathom Pharmaceuticals by 0.9% in the 1st quarter. Bank of New York Mellon Corp now owns 124,018 shares of the company's stock valued at $1,378,000 after purchasing an additional 1,051 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Phathom Pharmaceuticals by 0.8% in the second quarter. JPMorgan Chase & Co. now owns 138,516 shares of the company's stock valued at $1,328,000 after buying an additional 1,123 shares during the period. The Manufacturers Life Insurance Company grew its position in Phathom Pharmaceuticals by 9.4% during the second quarter. The Manufacturers Life Insurance Company now owns 15,826 shares of the company's stock worth $152,000 after buying an additional 1,364 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Phathom Pharmaceuticals during the fourth quarter valued at about $27,000. Finally, AQR Capital Management LLC raised its holdings in Phathom Pharmaceuticals by 3.5% in the 4th quarter. AQR Capital Management LLC now owns 54,448 shares of the company's stock valued at $903,000 after acquiring an additional 1,819 shares in the last quarter. Institutional investors own 99.01% of the company's stock.

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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