Avidity Partners Management LP Cuts Stock Position in Phathom Pharmaceuticals, Inc. $PHAT

Avidity Partners Management LP lowered its stake in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) by 32.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 206,076 shares of the company’s stock after selling 99,924 shares during the period. Phathom Pharmaceuticals accounts for about 1.0% of Avidity Partners Management LP’s holdings, making the stock its 21st largest holding. Avidity Partners Management LP owned 0.29% of Phathom Pharmaceuticals worth $3,419,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd purchased a new stake in Phathom Pharmaceuticals during the 4th quarter valued at $27,000. Jones Financial Companies Lllp boosted its stake in Phathom Pharmaceuticals by 442.6% during the 3rd quarter. Jones Financial Companies Lllp now owns 2,523 shares of the company’s stock valued at $30,000 after purchasing an additional 2,058 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Phathom Pharmaceuticals during the 2nd quarter valued at $30,000. Kestra Advisory Services LLC purchased a new stake in Phathom Pharmaceuticals during the 4th quarter valued at $38,000. Finally, BNP Paribas Financial Markets boosted its stake in Phathom Pharmaceuticals by 71.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company’s stock valued at $49,000 after purchasing an additional 2,122 shares during the last quarter. Hedge funds and other institutional investors own 99.01% of the company’s stock.

Wall Street Analysts Forecast Growth

PHAT has been the topic of several recent analyst reports. Stifel Nicolaus set a $28.00 target price on Phathom Pharmaceuticals in a research note on Thursday, February 26th. Guggenheim increased their target price on Phathom Pharmaceuticals from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Tuesday, April 21st. Finally, Barclays upgraded Phathom Pharmaceuticals from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $16.00 to $18.00 in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Phathom Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $24.50.

Phathom Pharmaceuticals Price Performance

PHAT stock opened at $10.37 on Friday. The company has a market cap of $827.11 million, a P/E ratio of -4.89 and a beta of 0.50. Phathom Pharmaceuticals, Inc. has a 1 year low of $7.61 and a 1 year high of $18.31. The stock’s fifty day moving average price is $11.52 and its 200-day moving average price is $12.88.

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.