Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 8.2% – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price traded down 8.2% during trading on Thursday . The stock traded as low as $8.56 and last traded at $8.56. 380,737 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 1,246,752 shares. The stock had previously closed at $9.32.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. Guggenheim decreased their target price on shares of Phathom Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Craig Hallum reissued a “buy” rating and issued a $20.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. Needham & Company LLC dropped their price target on shares of Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Phathom Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.86.

Phathom Pharmaceuticals Stock Down 8.6%

The business has a 50-day simple moving average of $10.44 and a two-hundred day simple moving average of $11.19. The stock has a market capitalization of $689.27 million, a P/E ratio of -6.66 and a beta of 0.51.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its position in Phathom Pharmaceuticals by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 124,018 shares of the company’s stock valued at $1,378,000 after buying an additional 1,051 shares in the last quarter. JPMorgan Chase & Co. grew its position in Phathom Pharmaceuticals by 0.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 138,516 shares of the company’s stock worth $1,328,000 after acquiring an additional 1,123 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Phathom Pharmaceuticals by 9.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,826 shares of the company’s stock valued at $152,000 after purchasing an additional 1,364 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Phathom Pharmaceuticals during the 4th quarter valued at $27,000. Finally, AQR Capital Management LLC raised its position in Phathom Pharmaceuticals by 3.5% in the 4th quarter. AQR Capital Management LLC now owns 54,448 shares of the company’s stock valued at $903,000 after purchasing an additional 1,819 shares during the last quarter. Institutional investors and hedge funds own 99.01% of the company’s stock.

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.