Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 7.4% - Here's Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report)'s stock price dropped 7.4% on Tuesday . The company traded as low as $8.85 and last traded at $8.88. Approximately 922,376 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 1,532,947 shares. The stock had previously closed at $9.59.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PHAT shares. The Goldman Sachs Group lowered their target price on shares of Phathom Pharmaceuticals from $10.00 to $5.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Needham & Company LLC restated a "buy" rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, June 6th. Craig Hallum raised their target price 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. Guggenheim decreased their target price on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, HC Wainwright restated a "buy" rating and issued a $20.00 price target on shares of Phathom Pharmaceuticals in a research note on Monday, June 9th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $17.50.

Phathom Pharmaceuticals Trading Up 2.6%

The company has a market cap of $634.15 million, a P/E ratio of -1.72 and a beta of 0.44. The business's 50 day simple moving average is $5.97 and its 200 day simple moving average is $6.02.

Institutional Trading of Phathom Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of PHAT. Vanguard Group Inc. boosted its holdings in Phathom Pharmaceuticals by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 2,779,561 shares of the company's stock worth $22,570,000 after buying an additional 83,238 shares during the period. Wasatch Advisors LP lifted its position in shares of Phathom Pharmaceuticals by 531.3% in the fourth quarter. Wasatch Advisors LP now owns 1,558,928 shares of the company's stock valued at $12,658,000 after acquiring an additional 1,311,986 shares in the last quarter. 683 Capital Management LLC boosted its stake in shares of Phathom Pharmaceuticals by 41.0% in 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 period. Catalys Pacific LLC grew its position in shares of 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 purchasing an additional 44,542 shares in the last quarter. Finally, Propel Bio Management LLC raised its stake in Phathom Pharmaceuticals by 14.6% during the 1st quarter. Propel Bio Management LLC now owns 1,134,927 shares of the company's stock valued at $7,116,000 after purchasing an additional 145,000 shares during the period. 99.01% of the stock is currently owned by institutional investors.

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.