Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 7% - Here's Why

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) shares fell 7% during mid-day trading on Monday . The stock traded as low as $9.07 and last traded at $8.96. 351,133 shares traded hands during trading, a decline of 81% from the average session volume of 1,852,401 shares. The stock had previously closed at $9.63.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PHAT. Craig Hallum raised their price objective on Phathom Pharmaceuticals from $12.00 to $17.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. The Goldman Sachs Group dropped their target price on Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC reissued a "buy" rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, June 6th. HC Wainwright reissued a "buy" rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a report on Monday, June 9th. Finally, Guggenheim lowered their price target on 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 stock. According to data from MarketBeat, Phathom Pharmaceuticals has a consensus rating of "Buy" and an average price target of $17.50.

Phathom Pharmaceuticals Trading Down 8.6%

The firm has a market cap of $614.33 million, a price-to-earnings ratio of -1.68 and a beta of 0.45. The stock has a 50-day moving average of $7.89 and a two-hundred day moving average of $6.13.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the business. Jacobs Levy Equity Management Inc. acquired a new stake in Phathom Pharmaceuticals during the 1st quarter worth about $3,738,000. AQR Capital Management LLC boosted its position 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 acquiring an additional 89,741 shares during the period. 683 Capital Management LLC boosted its position in Phathom Pharmaceuticals by 41.0% during the 1st quarter. 683 Capital Management LLC now owns 1,445,000 shares of the company's stock worth $9,060,000 after acquiring an additional 420,000 shares during the period. Propel Bio Management LLC boosted its position in Phathom Pharmaceuticals by 14.6% during the 1st quarter. Propel Bio Management LLC now owns 1,134,927 shares of the company's stock worth $7,116,000 after acquiring an additional 145,000 shares during the period. Finally, Trexquant Investment LP boosted its position in Phathom Pharmaceuticals by 5.3% during the 1st quarter. Trexquant Investment LP now owns 398,751 shares of the company's stock worth $2,500,000 after acquiring an additional 20,114 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.