Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Down – What’s Next?

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) gapped down prior to trading on Friday . The stock had previously closed at $9.45, but opened at $9.02. Phathom Pharmaceuticals shares last traded at $9.64, with a volume of 266,358 shares traded.

Wall Street Analysts Forecast Growth

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

Phathom Pharmaceuticals Price Performance

The company’s fifty day simple moving average is $15.65 and its 200-day simple moving average is $13.32. The firm has a market capitalization of $638.67 million, a PE ratio of -1.64 and a beta of 0.72.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Oracle Investment Management Inc. acquired a new position in Phathom Pharmaceuticals during the 2nd quarter valued at approximately $2,318,000. Vanguard Group Inc. increased its stake in shares of Phathom Pharmaceuticals by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,979,113 shares of the company’s stock worth $21,018,000 after acquiring an additional 22,684 shares during the period. Jennison Associates LLC raised its holdings in shares of Phathom Pharmaceuticals by 112.7% during the third quarter. Jennison Associates LLC now owns 5,866,389 shares of the company’s stock worth $106,064,000 after purchasing an additional 3,108,810 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Phathom Pharmaceuticals in the second quarter worth about $1,161,000. Finally, State Board of Administration of Florida Retirement System acquired a new stake in Phathom Pharmaceuticals during the first quarter worth about $119,000. Institutional investors and hedge funds own 99.01% of the company’s stock.

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.