Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Up 5.5% - Still a Buy?

Key Points

• Phathom Pharmaceuticals' shares increased by 5.5% during mid-day trading, reaching a high of $11.80, with a notable decline in trading volume compared to average sessions.
• A majority of analysts have issued a "buy" rating for Phathom Pharmaceuticals, with target prices ranging from $17.00 to $28.00, indicating strong confidence in the stock's potential.
• Institutional investors own 99.01% of Phathom Pharmaceuticals, with significant stake increases from several hedge funds in the last quarter, signaling institutional confidence in the company's future.

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) shares traded up 5.5% during mid-day trading on Tuesday . The company traded as high as $11.80 and last traded at $11.95. 63,124 shares changed hands during trading, a decline of 96% from the average session volume of 1,670,984 shares. The stock had previously closed at $11.33.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. HC Wainwright restated a "buy" rating and set a $20.00 target price on shares of Phathom Pharmaceuticals in a research report on Monday, June 9th. Needham & Company LLC reiterated a "buy" rating and issued a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, June 6th. Finally, Craig Hallum lifted their price objective on shares of Phathom Pharmaceuticals from $12.00 to $17.00 and gave the company a "buy" rating in a research report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $17.50.

Phathom Pharmaceuticals Trading Up 4.6%

The firm has a market cap of $841.06 million, a price-to-earnings ratio of -2.51 and a beta of 0.44. The firm has a 50 day moving average price of $10.77 and a 200-day moving average price of $7.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PHAT. Bank of America Corp DE raised its stake in Phathom Pharmaceuticals by 60.4% in the 4th quarter. Bank of America Corp DE now owns 166,505 shares of the company's stock valued at $1,352,000 after purchasing an additional 62,726 shares during the last quarter. Deutsche Bank AG raised its stake in Phathom Pharmaceuticals by 49.4% in the 4th quarter. Deutsche Bank AG now owns 30,213 shares of the company's stock valued at $245,000 after purchasing an additional 9,986 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Phathom Pharmaceuticals by 18.2% in the 4th 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 during the last quarter. Millennium Management LLC increased its stake in shares of Phathom Pharmaceuticals by 82.2% during the 4th quarter. Millennium Management LLC now owns 59,991 shares of the company's stock valued at $487,000 after acquiring an additional 27,063 shares during the last quarter. Finally, ProShare Advisors LLC increased its stake in shares of Phathom Pharmaceuticals by 36.3% during the 4th quarter. ProShare Advisors LLC now owns 14,289 shares of the company's stock valued at $116,000 after acquiring an additional 3,804 shares during the last quarter. Institutional investors and hedge funds own 99.01% of the company's stock.

About Phathom Pharmaceuticals

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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