Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 5.3% – Here’s What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) fell 5.3% during mid-day trading on Wednesday . The stock traded as low as $8.96 and last traded at $8.93. Approximately 136,521 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 1,225,327 shares. The stock had previously closed at $9.43.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PHAT shares. Barclays cut their price target on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 14th. Needham & Company LLC lowered their target price on Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Craig Hallum reaffirmed a “buy” rating and set a $20.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. Finally, Leerink Partners initiated coverage on Phathom Pharmaceuticals in a research report on Wednesday. They set a “market perform” rating and a $10.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Phathom Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $21.25.

Phathom Pharmaceuticals Stock Performance

The stock’s 50 day moving average price is $10.00 and its 200 day moving average price is $10.84. The company has a market capitalization of $709.74 million, a P/E ratio of -6.86 and a beta of 0.51.

Institutional Trading of Phathom Pharmaceuticals

Large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd bought a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth about $27,000. Raymond James Financial Inc. bought a new stake in Phathom Pharmaceuticals in the second quarter worth approximately $30,000. Summit Securities Group LLC bought a new stake in Phathom Pharmaceuticals in the first quarter worth approximately $34,000. Kestra Advisory Services LLC acquired a new position in Phathom Pharmaceuticals in the fourth quarter valued at approximately $38,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Phathom Pharmaceuticals by 71.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company’s stock worth $49,000 after buying an additional 2,122 shares in the last quarter. 99.01% of the stock is currently owned by institutional investors and hedge funds.

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.