Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Up 9.4% – Time to Buy?

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) rose 9.4% on Thursday . The company traded as high as $9.59 and last traded at $9.55. Approximately 522,166 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 910,218 shares. The stock had previously closed at $8.73.

Wall Street Analysts Forecast Growth

PHAT has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their target price on Phathom Pharmaceuticals from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Needham & Company LLC reiterated a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, September 13th. Finally, HC Wainwright restated a “buy” rating and issued a $28.00 price objective on shares of Phathom Pharmaceuticals in a report on Monday, August 12th.

Phathom Pharmaceuticals Stock Performance

The business’s 50-day moving average is $16.03 and its 200-day moving average is $13.34. The company has a market capitalization of $646.19 million, a PE ratio of -1.64 and a beta of 0.72.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several large investors have recently made changes to their positions in PHAT. Huntington National Bank raised its stake in Phathom Pharmaceuticals by 62.2% during the third quarter. Huntington National Bank now owns 1,471 shares of the company’s stock valued at $27,000 after buying an additional 564 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Phathom Pharmaceuticals by 41.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock valued at $43,000 after acquiring an additional 722 shares in the last quarter. US Bancorp DE raised its position in shares of Phathom Pharmaceuticals by 28.6% in the 3rd quarter. US Bancorp DE now owns 5,248 shares of the company’s stock worth $95,000 after purchasing an additional 1,166 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Phathom Pharmaceuticals by 42.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company’s stock worth $104,000 after purchasing an additional 2,987 shares during the last quarter. Finally, Quest Partners LLC bought a new position in Phathom Pharmaceuticals in the 3rd quarter worth about $197,000. 99.01% of the stock is currently owned by hedge funds and other 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.