Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 6.4% - Here's Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) dropped 6.4% on Monday . The stock traded as low as $8.30 and last traded at $8.35. Approximately 358,546 shares were traded during trading, a decline of 77% from the average daily volume of 1,545,372 shares. The stock had previously closed at $8.92.

Wall Street Analysts Forecast Growth

PHAT has been the topic of several recent research reports. Craig Hallum raised their target price on Phathom Pharmaceuticals from $12.00 to $17.00 and gave the company a "buy" rating in a report on Monday, June 9th. Guggenheim dropped their price objective on Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. The Goldman Sachs Group dropped their price objective on Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. HC Wainwright reiterated a "buy" rating and issued a $20.00 price objective on shares of Phathom Pharmaceuticals in a research note on Monday, June 9th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $28.00 price objective on shares of Phathom Pharmaceuticals in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $17.50.

Phathom Pharmaceuticals Price Performance

The stock has a market capitalization of $676.46 million, a P/E ratio of -1.85 and a beta of 0.45. The firm has a 50 day moving average of $6.53 and a 200-day moving average of $6.07.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Kera Capital Partners Inc. boosted its holdings in Phathom Pharmaceuticals by 11.2% during the first quarter. Kera Capital Partners Inc. now owns 29,849 shares of the company's stock valued at $187,000 after purchasing an additional 3,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Phathom Pharmaceuticals by 18.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,149 shares of the company's stock valued at $180,000 after purchasing an additional 3,408 shares in the last quarter. ProShare Advisors LLC boosted its holdings in Phathom Pharmaceuticals by 36.3% during the fourth quarter. ProShare Advisors LLC now owns 14,289 shares of the company's stock valued at $116,000 after purchasing an additional 3,804 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Phathom Pharmaceuticals by 797.2% during the first quarter. GAMMA Investing LLC now owns 4,558 shares of the company's stock valued at $29,000 after purchasing an additional 4,050 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Phathom Pharmaceuticals by 4.6% during the fourth quarter. Bank of New York Mellon Corp now owns 102,748 shares of the company's stock valued at $834,000 after purchasing an additional 4,557 shares in the last quarter. 99.01% of the stock is owned by institutional investors and hedge funds.

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.