Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Climb 3.1% - Still a Buy?

Key Points

• PHAT shares rose 3.1% to $7.22 in Wednesday trading, though volume was 84% below the stock’s average session volume.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $20.67, despite several recent target-price reductions.
• Institutional investors own approximately 99.01% of Phathom’s stock. The company develops gastrointestinal treatments centered on vonoprazan, marketed in the U.S. as Voquezna.

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report)'s share price rose 3.1% during trading on Wednesday. The company traded as high as $7.30 and last traded at $7.22. Approximately 197,211 shares changed hands during trading, a decline of 84% from the average session volume of 1,245,608 shares. The stock had previously closed at $7.00.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PHAT. Guggenheim cut their target price on Phathom Pharmaceuticals from $25.00 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Barclays decreased their price target on Phathom Pharmaceuticals from $18.00 to $14.00 and set an "overweight" rating on the stock in a research report on Friday, August 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. Needham & Company LLC dropped their price target on Phathom Pharmaceuticals from $28.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Finally, Leerink Partners started coverage on shares of Phathom Pharmaceuticals in a research report on Wednesday, September 9th. They set a "market perform" rating and a $10.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $20.67.

Phathom Pharmaceuticals Stock Up 8.8%

The business's 50 day moving average is $8.24 and its 200-day moving average is $10.18. The firm has a market capitalization of $616.05 million, a P/E ratio of -5.95 and a beta of 0.50.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Summit Securities Group LLC acquired a new stake in Phathom Pharmaceuticals in the first quarter valued at about $34,000. State of Wyoming bought a new position in Phathom Pharmaceuticals in the first quarter valued at about $55,000. Allworth Financial LP acquired a new position in Phathom Pharmaceuticals during the second quarter worth about $113,000. Quantinno Capital Management LP acquired a new position in Phathom Pharmaceuticals during the first quarter worth about $128,000. Finally, Tocqueville Asset Management L.P. acquired a new position in Phathom Pharmaceuticals during the second quarter worth about $130,000. Institutional investors and hedge funds own 99.01% of the company's stock.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company's portfolio is centered on vonoprazan, a potassium-competitive acid blocker designed to suppress gastric acid production and provide an alternative to traditional proton pump inhibitors.

Phathom markets vonoprazan in the United States under the brand name Voquezna. The product is approved for the healing and maintenance of healing of erosive esophagitis, relief of associated heartburn, and treatment of heartburn related to non-erosive gastroesophageal reflux disease.

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