EcoR1 Capital LLC Acquires New Position in Phathom Pharmaceuticals, Inc. $PHAT

EcoR1 Capital LLC acquired a new stake in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 625,000 shares of the company’s stock, valued at approximately $6,944,000. Phathom Pharmaceuticals comprises about 0.3% of EcoR1 Capital LLC’s portfolio, making the stock its 22nd largest position.

A number of other institutional investors have also bought and sold shares of PHAT. Millennium Management LLC boosted its holdings in shares of Phathom Pharmaceuticals by 125.8% during the 3rd quarter. Millennium Management LLC now owns 5,081,451 shares of the company’s stock worth $59,809,000 after purchasing an additional 2,830,954 shares during the last quarter. Invesco Ltd. lifted its position in Phathom Pharmaceuticals by 13.4% during the second quarter. Invesco Ltd. now owns 4,140,072 shares of the company’s stock worth $39,703,000 after buying an additional 489,260 shares in the last quarter. Vanguard Group Inc. lifted its position in Phathom Pharmaceuticals by 15.4% during the third quarter. Vanguard Group Inc. now owns 3,215,572 shares of the company’s stock worth $37,847,000 after buying an additional 428,261 shares in the last quarter. Wasatch Advisors LP boosted its stake in Phathom Pharmaceuticals by 5.2% during the third quarter. Wasatch Advisors LP now owns 1,537,218 shares of the company’s stock worth $18,093,000 after buying an additional 75,323 shares during the last quarter. Finally, Catalys Pacific LLC grew its holdings in Phathom Pharmaceuticals by 22.4% in the 4th quarter. Catalys Pacific LLC now owns 1,429,014 shares of the company’s stock valued at $23,707,000 after buying an additional 261,900 shares in the last quarter. 99.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PHAT has been the topic of several recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

Phathom Pharmaceuticals Stock Up 4.5%

PHAT stock opened at $11.95 on Tuesday. Phathom Pharmaceuticals, Inc. has a 52-week low of $8.02 and a 52-week high of $18.31. The stock has a market cap of $953.08 million, a price-to-earnings ratio of -5.64 and a beta of 0.49. The business has a fifty day moving average of $10.87 and a two-hundred day moving average of $11.84.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.