Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 7% - Should You Sell?

Key Points

• Phathom Pharmaceuticals shares dropped by 7%, trading as low as $8.96 after previously closing at $9.63, with a notable decline in trading volume of 81% from the average.
• Wall Street analysts have varied outlooks on the stock, with price targets ranging from $5 to $28 and a consensus rating of "Buy".
• The company, focused on gastrointestinal disease treatments, has seen significant institutional investment, with 99.01% of its shares currently held by institutional investors and hedge funds.

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report)'s stock price traded down 7% on Monday . The company traded as low as $9.07 and last traded at $8.96. 351,133 shares were traded during trading, a decline of 81% from the average session volume of 1,852,401 shares. The stock had previously closed at $9.63.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, June 6th. HC Wainwright reiterated a "buy" rating and set a $20.00 target price on shares of Phathom Pharmaceuticals in a report on Monday, June 9th. The Goldman Sachs Group reduced their target price on shares of Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Craig Hallum increased their target price on shares of Phathom Pharmaceuticals from $12.00 to $17.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Guggenheim reduced their target price on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $17.50.

Phathom Pharmaceuticals Price Performance

The company's 50 day moving average is $8.25 and its 200 day moving average is $6.20. The stock has a market cap of $579.81 million, a price-to-earnings ratio of -1.58 and a beta of 0.45.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC lifted its stake in Phathom Pharmaceuticals by 2,127.2% in the 2nd quarter. AlphaQuest LLC now owns 32,206 shares of the company's stock valued at $309,000 after buying an additional 30,760 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Phathom Pharmaceuticals in the 1st quarter valued at approximately $3,738,000. AQR Capital Management LLC lifted its stake in Phathom Pharmaceuticals by 508.2% in the 1st quarter. AQR Capital Management LLC now owns 107,399 shares of the company's stock valued at $673,000 after buying an additional 89,741 shares in the last quarter. 683 Capital Management LLC raised its position in shares of 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 buying an additional 420,000 shares during the last quarter. Finally, Propel Bio Management LLC raised its position in shares of Phathom Pharmaceuticals by 14.6% in the first quarter. Propel Bio Management LLC now owns 1,134,927 shares of the company's stock valued at $7,116,000 after buying an additional 145,000 shares during the last quarter. Hedge funds and other institutional investors own 99.01% of the company's stock.

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.