Needham & Company LLC Reaffirms Buy Rating for Phathom Pharmaceuticals (NASDAQ:PHAT)

Needham & Company LLC reiterated their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research report released on Friday morning, Benzinga reports. Needham & Company LLC currently has a $26.00 price objective on the stock.

Separately, Stifel Nicolaus began coverage on shares of Phathom Pharmaceuticals in a report on Friday. They set a buy rating and a $24.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $22.00.

Phathom Pharmaceuticals Trading Up 1.2 %

Shares of NASDAQ PHAT traded up $0.12 during midday trading on Friday, hitting $10.16. The company’s stock had a trading volume of 41,190 shares, compared to its average volume of 804,848. The business’s fifty day simple moving average is $9.78 and its two-hundred day simple moving average is $8.68. Phathom Pharmaceuticals has a 1 year low of $6.07 and a 1 year high of $17.02.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its earnings results on Thursday, March 7th. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.12. The firm had revenue of $0.68 million during the quarter, compared to analyst estimates of $0.93 million. During the same period last year, the business earned ($1.33) EPS. Equities research analysts anticipate that Phathom Pharmaceuticals will post -4.22 EPS for the current fiscal year.

Insider Transactions at Phathom Pharmaceuticals

In other news, insider Terrie Curran sold 16,851 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $9.11, for a total transaction of $153,512.61. Following the transaction, the insider now directly owns 410,784 shares in the company, valued at $3,742,242.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Terrie Curran sold 16,851 shares of Phathom Pharmaceuticals stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $9.11, for a total value of $153,512.61. Following the transaction, the insider now directly owns 410,784 shares in the company, valued at approximately $3,742,242.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Molly Henderson sold 3,435 shares of Phathom Pharmaceuticals stock in a transaction on Monday, April 8th. The shares were sold at an average price of $11.10, for a total transaction of $38,128.50. Following the completion of the transaction, the chief financial officer now owns 95,263 shares in the company, valued at $1,057,419.30. The disclosure for this sale can be found here. Insiders own 24.10% of the company’s stock.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Several institutional investors have recently made changes to their positions in PHAT. SG Americas Securities LLC purchased a new stake in shares of Phathom Pharmaceuticals during the 3rd quarter worth $126,000. Bank of New York Mellon Corp grew its holdings in shares of Phathom Pharmaceuticals by 21.0% during the third quarter. Bank of New York Mellon Corp now owns 95,065 shares of the company’s stock worth $986,000 after buying an additional 16,478 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Phathom Pharmaceuticals by 371.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,429 shares of the company’s stock worth $87,000 after purchasing an additional 6,641 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Phathom Pharmaceuticals by 11.9% in the third quarter. Principal Financial Group Inc. now owns 11,801 shares of the company’s stock valued at $122,000 after purchasing an additional 1,259 shares during the period. Finally, Barclays PLC grew its position in shares of Phathom Pharmaceuticals by 22.4% in the third quarter. Barclays PLC now owns 13,235 shares of the company’s stock valued at $137,000 after purchasing an additional 2,422 shares during the period. 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.