Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 10.2% – Here’s Why

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) fell 10.2% during trading on Monday . The company traded as low as $11.70 and last traded at $11.32. Approximately 411,253 shares were traded during trading, a decline of 65% from the average daily volume of 1,186,402 shares. The stock had previously closed at $12.61.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PHAT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Tuesday, April 21st. HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of Phathom Pharmaceuticals in a report on Wednesday, June 17th. Finally, Barclays raised Phathom Pharmaceuticals from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $16.00 to $18.00 in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.50.

Phathom Pharmaceuticals Stock Up 1.1%

The stock has a 50 day simple moving average of $11.05 and a 200 day simple moving average of $12.19. The company has a market cap of $879.75 million, a price-to-earnings ratio of -5.20 and a beta of 0.49.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. boosted its holdings in Phathom Pharmaceuticals by 124.3% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 327,278 shares of the company’s stock worth $3,551,000 after acquiring an additional 181,346 shares during the period. Perceptive Advisors LLC acquired a new stake in Phathom Pharmaceuticals in the first quarter valued at approximately $10,277,000. Avidity Partners Management LP raised its stake in shares of Phathom Pharmaceuticals by 21.0% during the first quarter. Avidity Partners Management LP now owns 249,390 shares of the company’s stock valued at $2,771,000 after purchasing an additional 43,314 shares during the period. EcoR1 Capital LLC purchased a new stake in shares of Phathom Pharmaceuticals during the first quarter valued at approximately $6,944,000. Finally, Quantinno Capital Management LP acquired a new position in shares of Phathom Pharmaceuticals during the first quarter worth $128,000. 99.01% of the stock is 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.