Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 6.2% – What’s Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price dropped 6.2% on Thursday . The company traded as low as $9.15 and last traded at $9.15. Approximately 83,032 shares traded hands during trading, a decline of 91% from the average daily volume of 892,701 shares. The stock had previously closed at $9.75.

Analyst Ratings Changes

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

Phathom Pharmaceuticals Price Performance

The company’s 50 day moving average price is $16.93 and its 200 day moving average price is $13.36. The firm has a market capitalization of $631.15 million, a P/E ratio of -1.71 and a beta of 0.72.

Institutional Trading of Phathom Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Huntington National Bank grew its holdings 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 acquiring an additional 564 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Phathom Pharmaceuticals by 41.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock valued at $43,000 after purchasing an additional 722 shares during the period. US Bancorp DE lifted its stake 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 valued at $95,000 after purchasing an additional 1,166 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake 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 valued at $104,000 after purchasing an additional 2,987 shares during the period. Finally, State Board of Administration of Florida Retirement System acquired a new position in shares of Phathom Pharmaceuticals in the 1st quarter valued at $119,000. 99.01% of the stock is owned by 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.