Phathom Pharmaceuticals (NASDAQ:PHAT) Trading 6.8% Higher – Here’s What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares were up 6.8% during trading on Friday . The company traded as high as $17.45 and last traded at $17.35. Approximately 158,604 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 802,299 shares. The stock had previously closed at $16.24.

Analyst Ratings Changes

PHAT has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research report on Monday, August 12th. The Goldman Sachs Group boosted their price objective on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research note on Friday, September 13th.

Phathom Pharmaceuticals Stock Performance

The stock has a market cap of $958.21 million, a PE ratio of -3.13 and a beta of 0.71. The firm’s 50-day moving average is $16.23 and its 200 day moving average is $12.59.

Phathom Pharmaceuticals (NASDAQ:PHAT) last announced its earnings results on Thursday, August 8th. The company reported ($1.35) EPS for the quarter, beating analysts’ consensus estimates of ($1.39) by $0.04. The business had revenue of $7.32 million during the quarter, compared to analysts’ expectations of $5.65 million. On average, sell-side analysts predict that Phathom Pharmaceuticals, Inc. will post -6.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Phathom Pharmaceuticals by 42.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company’s stock worth $104,000 after purchasing an additional 2,987 shares in the last quarter. Klingman & Associates LLC purchased a new position in shares of Phathom Pharmaceuticals during the 1st quarter worth approximately $110,000. State Board of Administration of Florida Retirement System acquired a new stake in shares of Phathom Pharmaceuticals in the 1st quarter valued at approximately $119,000. LVW Advisors LLC purchased a new stake in shares of Phathom Pharmaceuticals in the second quarter valued at approximately $133,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Phathom Pharmaceuticals by 10.6% in the second quarter. The Manufacturers Life Insurance Company now owns 13,941 shares of the company’s stock valued at $144,000 after buying an additional 1,339 shares in the last quarter. 99.01% of the stock is owned by institutional investors and hedge funds.

Phathom Pharmaceuticals Company Profile

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.