Renaissance Technologies LLC Acquires New Holdings in Phathom Pharmaceuticals, Inc. $PHAT

Renaissance Technologies LLC acquired a new position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 305,800 shares of the company’s stock, valued at approximately $3,397,000. Renaissance Technologies LLC owned approximately 0.38% of Phathom Pharmaceuticals as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd bought a new stake in Phathom Pharmaceuticals during the 4th quarter valued at $27,000. Kestra Advisory Services LLC bought a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth $38,000. Summit Securities Group LLC purchased a new stake in shares of Phathom Pharmaceuticals during the 1st quarter worth $34,000. Raymond James Financial Inc. purchased a new stake in shares of Phathom Pharmaceuticals during the 2nd quarter worth $30,000. Finally, State of Wyoming bought a new stake in Phathom Pharmaceuticals during the first quarter valued at about $55,000. Hedge funds and other institutional investors own 99.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PHAT. Needham & Company LLC cut their target price on Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Friday, July 17th. Guggenheim lowered their price target on shares of Phathom Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. Finally, HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.43.

Phathom Pharmaceuticals Stock Performance

Shares of NASDAQ PHAT opened at $8.55 on Friday. The company has a market cap of $691.70 million, a PE ratio of -6.68 and a beta of 0.51. The business has a 50-day simple moving average of $10.56 and a two-hundred day simple moving average of $11.48. Phathom Pharmaceuticals, Inc. has a fifty-two week low of $8.21 and a fifty-two week high of $18.31.

About Phathom Pharmaceuticals

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.