Phathom Pharmaceuticals (NASDAQ:PHAT) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a report published on Thursday, Benzinga reports. The brokerage currently has a $26.00 price target on the stock.

Phathom Pharmaceuticals Stock Down 3.2 %

Phathom Pharmaceuticals stock opened at $10.14 on Thursday. The company has a market cap of $592.99 million, a price-to-earnings ratio of -2.61 and a beta of 0.63. The firm’s fifty day moving average is $9.38 and its 200 day moving average is $8.75. Phathom Pharmaceuticals has a 52-week low of $6.07 and a 52-week high of $17.02.

Phathom Pharmaceuticals (NASDAQ:PHAT) last announced its earnings results on Thursday, March 7th. The company reported ($0.80) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.12. The firm had revenue of $0.68 million during the quarter, compared to analysts’ expectations of $0.93 million. During the same period in the prior year, the company posted ($1.33) EPS. On average, equities research analysts anticipate that Phathom Pharmaceuticals will post -4.22 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Molly Henderson sold 6,307 shares of the stock in a transaction on Friday, January 19th. The shares were sold at an average price of $7.75, for a total value of $48,879.25. Following the sale, the chief financial officer now owns 98,698 shares of the company’s stock, valued at $764,909.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Terrie Curran sold 16,851 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $9.11, for a total value of $153,512.61. Following the transaction, the insider now directly owns 410,784 shares in the company, valued at $3,742,242.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Molly Henderson sold 6,307 shares of the company’s stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $7.75, for a total transaction of $48,879.25. Following the completion of the transaction, the chief financial officer now owns 98,698 shares in the company, valued at $764,909.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,730,296 shares of company stock valued at $30,240,515. 27.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. grew its holdings in shares of Phathom Pharmaceuticals by 2,715.2% in the second quarter. Osaic Holdings Inc. now owns 4,251 shares of the company’s stock worth $59,000 after purchasing an additional 4,100 shares during the last quarter. Quantbot Technologies LP grew its holdings in shares of Phathom Pharmaceuticals by 112.6% in the second quarter. Quantbot Technologies LP now owns 5,527 shares of the company’s stock worth $46,000 after purchasing an additional 2,927 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Phathom Pharmaceuticals by 20.1% in the second quarter. Legal & General Group Plc now owns 6,328 shares of the company’s stock worth $54,000 after purchasing an additional 1,061 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Phathom Pharmaceuticals by 355.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 6,626 shares of the company’s stock worth $60,000 after purchasing an additional 5,171 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Phathom Pharmaceuticals by 371.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,429 shares of the company’s stock worth $87,000 after purchasing an additional 6,641 shares during the last quarter. 99.01% of the stock is currently owned by institutional investors.

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.