Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 3.5% – What’s Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) was down 3.5% during mid-day trading on Friday . The company traded as low as $8.61 and last traded at $8.66. Approximately 163,920 shares changed hands during trading, a decline of 82% from the average daily volume of 911,880 shares. The stock had previously closed at $8.97.

Wall Street Analyst Weigh In

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

Phathom Pharmaceuticals Price Performance

The firm has a market cap of $606.53 million, a price-to-earnings ratio of -1.56 and a beta of 0.72. The stock has a 50-day moving average price of $14.68 and a 200 day moving average price of $13.29.

Hedge Funds Weigh In On Phathom Pharmaceuticals

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

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.