Phathom Pharmaceuticals (NASDAQ:PHAT) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a report issued on Friday,Benzinga reports. They currently have a $28.00 price target on the stock.

Separately, HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Thursday, December 12th.

Phathom Pharmaceuticals Stock Performance

Shares of PHAT opened at $6.94 on Friday. The firm has a market capitalization of $474.54 million, a price-to-earnings ratio of -1.22 and a beta of 0.56. The stock’s fifty day moving average is $9.43 and its 200-day moving average is $12.75. Phathom Pharmaceuticals has a one year low of $6.07 and a one year high of $19.71.

Insider Transactions at Phathom Pharmaceuticals

In other Phathom Pharmaceuticals news, Director Frank Karbe bought 12,500 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average cost of $7.93 per share, with a total value of $99,125.00. Following the completion of the purchase, the director now directly owns 57,000 shares in the company, valued at approximately $452,010. This trade represents a 28.09 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 24.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in Phathom Pharmaceuticals by 20.5% during the second quarter. Bank of New York Mellon Corp now owns 114,721 shares of the company’s stock valued at $1,182,000 after buying an additional 19,500 shares in the last quarter. Rhumbline Advisers lifted its position in Phathom Pharmaceuticals by 17.1% in the 2nd quarter. Rhumbline Advisers now owns 55,178 shares of the company’s stock worth $568,000 after buying an additional 8,075 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Phathom Pharmaceuticals during the 2nd quarter valued at $1,161,000. Oracle Investment Management Inc. purchased a new stake in shares of Phathom Pharmaceuticals during the second quarter worth $2,318,000. Finally, The Manufacturers Life Insurance Company boosted its position in Phathom Pharmaceuticals by 10.6% during the second quarter. The Manufacturers Life Insurance Company now owns 13,941 shares of the company’s stock valued at $144,000 after purchasing an additional 1,339 shares during the last quarter. Institutional investors own 99.01% of the company’s stock.

About Phathom Pharmaceuticals

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.