Phathom Pharmaceuticals (NASDAQ:PHAT) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research note released on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $28.00 price objective on the stock.

PHAT has been the subject of several other reports. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Thursday, December 12th. Cantor Fitzgerald raised Phathom Pharmaceuticals to a “strong-buy” rating in a report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Phathom Pharmaceuticals presently has an average rating of “Buy” and an average target price of $23.00.

Phathom Pharmaceuticals Price Performance

PHAT opened at $5.90 on Thursday. The business has a 50 day simple moving average of $6.41 and a 200-day simple moving average of $11.30. The stock has a market capitalization of $403.42 million, a P/E ratio of -1.04 and a beta of 0.63. Phathom Pharmaceuticals has a 12 month low of $5.07 and a 12 month high of $19.71.

Insider Buying and Selling

In related news, CFO Molly Henderson sold 6,583 shares of Phathom Pharmaceuticals stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $6.59, for a total transaction of $43,381.97. Following the completion of the transaction, the chief financial officer now directly owns 93,546 shares of the company’s stock, valued at approximately $616,468.14. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Frank Karbe acquired 12,500 shares of Phathom Pharmaceuticals stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average cost of $7.93 per share, with a total value of $99,125.00. Following the completion of the acquisition, the director now owns 57,000 shares of the company’s stock, valued at $452,010. The trade was a 28.09 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 35,987 shares of company stock valued at $240,551. 24.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Phathom Pharmaceuticals by 20.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 117,803 shares of the company’s stock worth $957,000 after buying an additional 19,778 shares in the last quarter. Two Sigma Advisers LP purchased a new position in Phathom Pharmaceuticals during the fourth quarter worth $1,086,000. Two Sigma Investments LP increased its position in Phathom Pharmaceuticals by 215.4% during the fourth quarter. Two Sigma Investments LP now owns 485,790 shares of the company’s stock worth $3,945,000 after buying an additional 331,760 shares in the last quarter. Tang Capital Management LLC purchased a new position in Phathom Pharmaceuticals during the fourth quarter worth $4,060,000. Finally, Rafferty Asset Management LLC purchased a new position in Phathom Pharmaceuticals during the fourth quarter worth $90,000. Hedge funds and other institutional investors own 99.01% of the company’s stock.

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.