Phathom Pharmaceuticals (NASDAQ:PHAT) Upgraded to Overweight at Barclays

Phathom Pharmaceuticals (NASDAQ:PHAT) was upgraded by equities research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a note issued to investors on Friday, MarketBeat reports. The firm presently has a $18.00 price objective on the stock, up from their previous price objective of $16.00. Barclays‘s price objective indicates a potential upside of 66.82% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus set a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Thursday, February 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Phathom Pharmaceuticals in a report on Wednesday, January 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Thursday, January 22nd. Raymond James Financial assumed coverage on Phathom Pharmaceuticals in a research note on Thursday, December 11th. They set a “strong-buy” rating and a $28.00 target price for the company. Finally, Guggenheim lifted their target price on Phathom Pharmaceuticals from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Phathom Pharmaceuticals Stock Performance

Phathom Pharmaceuticals stock opened at $10.79 on Friday. The firm has a market capitalization of $850.24 million, a PE ratio of -3.53 and a beta of 0.51. Phathom Pharmaceuticals has a one year low of $2.21 and a one year high of $18.31. The stock’s 50 day moving average price is $12.15 and its 200 day moving average price is $13.39.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $57.58 million during the quarter, compared to analyst estimates of $57.44 million. On average, analysts forecast that Phathom Pharmaceuticals will post -4.78 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its position in shares of Phathom Pharmaceuticals by 508.2% during the 1st quarter. AQR Capital Management LLC now owns 107,399 shares of the company’s stock valued at $673,000 after acquiring an additional 89,741 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Phathom Pharmaceuticals by 5.3% in the second quarter. Geode Capital Management LLC now owns 1,069,927 shares of the company’s stock worth $10,263,000 after purchasing an additional 53,504 shares during the period. Intech Investment Management LLC increased its stake in Phathom Pharmaceuticals by 31.2% during the second quarter. Intech Investment Management LLC now owns 28,192 shares of the company’s stock valued at $270,000 after purchasing an additional 6,708 shares during the last quarter. Entropy Technologies LP bought a new stake in Phathom Pharmaceuticals during the second quarter valued at $111,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Phathom Pharmaceuticals by 0.8% during the second quarter. JPMorgan Chase & Co. now owns 138,516 shares of the company’s stock worth $1,328,000 after purchasing an additional 1,123 shares during the period. Institutional investors own 99.01% of the company’s stock.

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.