Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 6.8% - Here's Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report)'s stock price was down 6.8% during trading on Monday . The stock traded as low as $10.14 and last traded at $9.71. Approximately 258,076 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 1,509,043 shares. The stock had previously closed at $10.42.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PHAT shares. HC Wainwright reaffirmed a "buy" rating and issued a $20.00 price target on shares of Phathom Pharmaceuticals in a report on Monday, June 9th. Craig Hallum increased their price target on Phathom Pharmaceuticals from $12.00 to $17.00 and gave the company a "buy" rating in a report on Monday, June 9th. Guggenheim cut their price target on Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating for the company in a 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 for the company in a report on Friday, May 2nd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, June 6th. 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's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $17.50.

Phathom Pharmaceuticals Price Performance

The firm has a 50 day simple moving average of $5.53 and a 200-day simple moving average of $6.01. The company has a market cap of $666.69 million, a price-to-earnings ratio of -1.82 and a beta of 0.08.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Phathom Pharmaceuticals by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 2,779,561 shares of the company's stock worth $22,570,000 after acquiring an additional 83,238 shares during the last quarter. Wasatch Advisors LP increased its stake in Phathom Pharmaceuticals by 531.3% during the fourth quarter. Wasatch Advisors LP now owns 1,558,928 shares of the company's stock worth $12,658,000 after acquiring an additional 1,311,986 shares during the last quarter. 683 Capital Management LLC increased its stake in Phathom Pharmaceuticals by 41.0% during the first quarter. 683 Capital Management LLC now owns 1,445,000 shares of the company's stock worth $9,060,000 after acquiring an additional 420,000 shares during the last quarter. Catalys Pacific LLC increased its stake in Phathom Pharmaceuticals by 4.0% during the fourth quarter. Catalys Pacific LLC now owns 1,167,114 shares of the company's stock worth $9,477,000 after acquiring an additional 44,542 shares during the last quarter. Finally, Propel Bio Management LLC grew its stake in shares of Phathom Pharmaceuticals by 14.6% in the first quarter. Propel Bio Management LLC now owns 1,134,927 shares of the company's stock valued at $7,116,000 after buying an additional 145,000 shares in the last quarter. Institutional investors and hedge funds 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.