Phathom Pharmaceuticals (NASDAQ:PHAT) Sets New 1-Year Low - Here's Why

Key Points

• Phathom Pharmaceuticals shares hit a new 52-week low, falling to $6.84 and last trading around $6.89, below the prior close of $7.08.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $21.25, although several firms recently lowered their targets and Leerink Partners initiated coverage with a “Market Perform” rating.
• Institutional ownership is substantial at 99.01%; Carlyle Group, Perceptive Advisors and other funds recently acquired or increased positions in the company, which develops gastrointestinal treatments including Voquezna.

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) shares reached a new 52-week low during trading on Friday. The company traded as low as $6.84 and last traded at $6.8860, with a volume of 428021 shares. The stock had previously closed at $7.08.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Needham & Company LLC reduced their target price on Phathom Pharmaceuticals from $28.00 to $22.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Craig Hallum reaffirmed a "buy" rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. Leerink Partners initiated coverage on Phathom Pharmaceuticals in a research note on Wednesday, September 9th. They issued a "market perform" rating and a $10.00 price objective for the company. Barclays lowered their target price on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an "overweight" rating on the stock in a research report on Friday, August 14th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $21.25.

Phathom Pharmaceuticals Trading Down 1.6%

The company has a 50 day simple moving average of $8.77 and a 200 day simple moving average of $10.39. The stock has a market capitalization of $563.47 million, a PE ratio of -5.43 and a beta of 0.50.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Carlyle Group Inc. acquired a new position in shares of Phathom Pharmaceuticals during the second quarter worth about $37,940,000. Renaissance Technologies LLC purchased a new stake in Phathom Pharmaceuticals in the 1st quarter valued at approximately $3,397,000. SummitTX Capital L.P. raised its stake in shares of Phathom Pharmaceuticals by 92.3% during the 1st quarter. SummitTX Capital L.P. now owns 995,885 shares of the company's stock worth $11,064,000 after buying an additional 478,065 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Phathom Pharmaceuticals by 124.3% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 327,278 shares of the company's stock worth $3,551,000 after buying an additional 181,346 shares in the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in shares of Phathom Pharmaceuticals in the 1st quarter valued at approximately $10,277,000. 99.01% of the stock is currently owned by hedge funds and other institutional investors.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company's primary product is Voquezna (vonoprazan), a potassium-competitive acid blocker designed to suppress gastric acid production through a mechanism distinct from traditional proton pump inhibitors.

In the United States, Voquezna is approved for use in combination regimens to eradicate Helicobacter pylori (H. pylori) infection in adults.

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