Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 5.5% - Here's Why

Key Points

• Phathom Pharmaceuticals shares fell 5.5% to approximately $8.49, with trading volume down 92% from its average session volume.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $23.43, despite several firms lowering their targets.
• Institutional investors and hedge funds own 99.01% of the stock. Phathom is a clinical-stage biotechnology company developing gastrointestinal treatments, including its lead asset vonoprazan.

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) dropped 5.5% on Tuesday . The company traded as low as $8.80 and last traded at $8.4870. Approximately 99,811 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,219,235 shares. The stock had previously closed at $8.98.

Analyst Ratings Changes

Several research firms have recently commented on PHAT. Weiss Ratings reissued a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price objective on shares of Phathom Pharmaceuticals in a report on Friday. Guggenheim decreased their price objective on Phathom Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating on the stock in a research report on Friday. Craig Hallum reiterated a "buy" rating and issued a $20.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday. Finally, Needham & Company LLC lowered their target price on Phathom Pharmaceuticals from $28.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Phathom Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $23.43.

Phathom Pharmaceuticals Stock Performance

The company has a market capitalization of $686.84 million, a price-to-earnings ratio of -6.59 and a beta of 0.51. The business's 50-day simple moving average is $10.72 and its 200-day simple moving average is $11.64.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new stake in Phathom Pharmaceuticals during the 4th quarter worth $27,000. Raymond James Financial Inc. acquired a new position in shares of Phathom Pharmaceuticals in the 2nd quarter valued at $30,000. Summit Securities Group LLC acquired a new position in shares of Phathom Pharmaceuticals in the 1st quarter valued at $34,000. Kestra Advisory Services LLC bought a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth $38,000. Finally, BNP Paribas Financial Markets boosted its position in shares of Phathom Pharmaceuticals by 71.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company's stock worth $49,000 after purchasing an additional 2,122 shares during the last quarter. 99.01% of the stock is currently owned by institutional investors and hedge funds.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company's core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom's research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company's lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.

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