Phathom Pharmaceuticals (NASDAQ:PHAT) Trading 11.7% Higher - Here's What Happened

Key Points

• Shares of Phathom Pharmaceuticals surged 11.7%, trading as high as $10.09, with last trading at $9.70 and a significant drop in trading volume.
• HC Wainwright and Needham & Company have set aggressive price targets of $20.00 and $28.00 respectively, reflecting a generally positive outlook with an average rating of "Buy."
• Phathom Pharmaceuticals reported a loss of ($0.90) EPS in its latest earnings, missing analyst expectations, while institutional investors have increased their stakes in the company significantly over the last quarter.

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) shot up 11.7% during mid-day trading on Thursday . The company traded as high as $10.09 and last traded at $9.70. 466,313 shares changed hands during trading, a decline of 74% from the average session volume of 1,800,691 shares. The stock had previously closed at $8.68.

Wall Street Analyst Weigh In

Several research firms have weighed in on PHAT. HC Wainwright reaffirmed a "buy" rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Monday, June 9th. Needham & Company LLC reiterated a "buy" rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research note on Friday, June 6th. Guggenheim cut their price target on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. The Goldman Sachs Group cut their price target on Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Finally, Craig Hallum boosted their target price on Phathom Pharmaceuticals from $12.00 to $17.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $17.50.

Phathom Pharmaceuticals Price Performance

The company has a market cap of $664.56 million, a PE ratio of -1.84 and a beta of 0.45. The company has a 50-day moving average of $8.60 and a 200 day moving average of $6.24.

Phathom Pharmaceuticals (NASDAQ:PHAT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.14). Equities research analysts expect that Phathom Pharmaceuticals, Inc. will post -4.78 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Bank of America Corp DE grew its holdings in shares of Phathom Pharmaceuticals by 60.4% during the fourth quarter. Bank of America Corp DE now owns 166,505 shares of the company's stock valued at $1,352,000 after purchasing an additional 62,726 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Phathom Pharmaceuticals by 41.3% in the fourth quarter. Wells Fargo & Company MN now owns 25,516 shares of the company's stock worth $207,000 after purchasing an additional 7,462 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Phathom Pharmaceuticals by 36.3% in the fourth quarter. ProShare Advisors LLC now owns 14,289 shares of the company's stock worth $116,000 after purchasing an additional 3,804 shares in the last quarter. Deutsche Bank AG lifted its stake in Phathom Pharmaceuticals by 49.4% in the fourth quarter. Deutsche Bank AG now owns 30,213 shares of the company's stock valued at $245,000 after acquiring an additional 9,986 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Phathom Pharmaceuticals by 20.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 117,803 shares of the company's stock valued at $957,000 after acquiring an additional 19,778 shares during the last quarter. 99.01% of the stock is owned by hedge funds and other institutional investors.

Phathom Pharmaceuticals Company Profile

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.

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