Phathom Pharmaceuticals (NASDAQ:PHAT) Trading 6.2% Higher - Here's Why

Key Points

• Phathom Pharmaceuticals' stock price increased by 6.2% to $9.61, despite trading volume declining by 87% from its average.
• Equities research analysts have given Phathom Pharmaceuticals an average rating of "Buy" with a price target of $17.50, with various firms adjusting targets between $5.00 and $28.00.
• Institutional investors own 99.01% of Phathom Pharmaceuticals' stock, indicating strong institutional support for the company.
• Phathom Pharmaceuticals focuses on developing treatments for gastrointestinal diseases and has rights to an investigational drug that blocks stomach acid secretion.

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report)'s stock price traded up 6.2% during trading on Friday . The stock traded as high as $9.40 and last traded at $9.61. 232,015 shares traded hands during trading, a decline of 87% from the average session volume of 1,852,676 shares. The stock had previously closed at $9.05.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Craig Hallum lifted their target price on shares of Phathom Pharmaceuticals from $12.00 to $17.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Needham & Company LLC restated a "buy" rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, June 6th. The Goldman Sachs Group dropped their price target on shares of Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. HC Wainwright restated a "buy" rating and issued a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Monday, June 9th. Finally, Guggenheim dropped 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. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $17.50.

Phathom Pharmaceuticals Trading Up 6.0%

The stock's 50-day moving average is $7.78 and its 200-day moving average is $6.13. The company has a market cap of $669.83 million, a price-to-earnings ratio of -1.81 and a beta of 0.45.

Institutional Trading of Phathom Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Phathom Pharmaceuticals by 20.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,038 shares of the company's stock worth $2,867,000 after buying an additional 60,178 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Phathom Pharmaceuticals in the fourth quarter worth approximately $3,701,000. Commonwealth Equity Services LLC increased its position in shares of Phathom Pharmaceuticals by 387.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 50,772 shares of the company's stock worth $412,000 after purchasing an additional 40,362 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of Phathom Pharmaceuticals in the fourth quarter worth approximately $90,000. Finally, Virtu Financial LLC purchased a new position in shares of Phathom Pharmaceuticals during the fourth quarter worth approximately $109,000. Institutional investors own 99.01% of the company's stock.

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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