Propel Bio Management LLC Increases Holdings in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)

Propel Bio Management LLC lifted its holdings in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Free Report) by 13.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 989,927 shares of the company's stock after purchasing an additional 120,000 shares during the period. Phathom Pharmaceuticals accounts for about 8.0% of Propel Bio Management LLC's portfolio, making the stock its 6th largest position. Propel Bio Management LLC owned 1.45% of Phathom Pharmaceuticals worth $8,038,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. KLP Kapitalforvaltning AS bought a new position in shares of Phathom Pharmaceuticals in the 4th quarter valued at about $74,000. Teacher Retirement System of Texas acquired a new stake in shares of Phathom Pharmaceuticals in the 4th quarter valued at approximately $90,000. Versor Investments LP acquired a new stake in shares of Phathom Pharmaceuticals in the 4th quarter valued at approximately $101,000. Virtu Financial LLC acquired a new stake in Phathom Pharmaceuticals during the 4th quarter worth approximately $109,000. Finally, Canada Pension Plan Investment Board bought a new position in Phathom Pharmaceuticals in the fourth quarter valued at approximately $125,000. Institutional investors own 99.01% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PHAT. Guggenheim reaffirmed a "buy" rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, April 2nd. Cantor Fitzgerald raised shares of Phathom Pharmaceuticals to a "strong-buy" rating in a research report on Tuesday, February 25th. Needham & Company LLC reissued a "buy" rating and issued a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Monday, April 21st. HC Wainwright restated a "buy" rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, March 7th. Finally, Craig Hallum restated a "buy" rating on shares of Phathom Pharmaceuticals in a report on Friday, March 7th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $21.83.

Phathom Pharmaceuticals Stock Down 24.1 %

Shares of PHAT traded down $1.04 during mid-day trading on Thursday, hitting $3.26. 2,730,566 shares of the company's stock were exchanged, compared to its average volume of 1,037,548. Phathom Pharmaceuticals, Inc. has a 52 week low of $3.21 and a 52 week high of $19.71. The stock's 50-day simple moving average is $5.06 and its 200-day simple moving average is $7.99. The firm has a market cap of $226.70 million, a price-to-earnings ratio of -0.56 and a beta of 0.35.

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.