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

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.

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

Analysts Set New Price Targets

PHAT has been the topic of a number of research reports. Needham & Company LLC reissued a "buy" rating and issued a $28.00 price objective on shares of Phathom Pharmaceuticals in a report on Friday, June 6th. Craig Hallum raised their price objective 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. HC Wainwright reissued a "buy" rating and issued a $20.00 price objective on shares of Phathom Pharmaceuticals in a report on Monday, June 9th. The Goldman Sachs Group dropped their price objective 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. Finally, Guggenheim decreased their target price on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $17.50.

Phathom Pharmaceuticals Price Performance

The firm's 50-day moving average is $8.93 and its two-hundred day moving average is $6.29. The company has a market cap of $729.26 million, a P/E ratio of -2.17 and a beta of 0.45.

Institutional Trading of Phathom Pharmaceuticals

A number of large investors have recently made changes to their positions in PHAT. Vanguard Group Inc. boosted its stake in shares of Phathom Pharmaceuticals by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 2,779,561 shares of the company's stock valued at $22,570,000 after purchasing an additional 83,238 shares during the period. Geode Capital Management LLC lifted its stake in Phathom Pharmaceuticals by 18.0% in the fourth quarter. Geode Capital Management LLC now owns 1,018,495 shares of the company's stock worth $8,272,000 after acquiring an additional 155,577 shares during the period. Wells Fargo & Company MN lifted its stake in 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 acquiring an additional 7,462 shares during the period. Raymond James Financial Inc. purchased a new stake in Phathom Pharmaceuticals in the fourth quarter worth about $3,701,000. Finally, Barclays PLC lifted its stake in Phathom Pharmaceuticals by 32.3% in the fourth quarter. Barclays PLC now owns 76,463 shares of the company's stock worth $621,000 after acquiring an additional 18,656 shares during the period. 99.01% of the stock is owned by hedge funds and other institutional investors.

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.