Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 8.2% – What’s Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) traded down 8.2% during mid-day trading on Thursday . The company traded as low as $8.56 and last traded at $8.56. 380,737 shares traded hands during trading, a decline of 69% from the average daily volume of 1,246,752 shares. The stock had previously closed at $9.32.

Analyst Ratings Changes

Several research firms have commented on PHAT. Guggenheim reduced their price objective on Phathom Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Needham & Company LLC lowered their target price on Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. Craig Hallum reissued a “buy” rating and issued a $20.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Phathom Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $22.86.

Phathom Pharmaceuticals Stock Up 3.1%

The firm has a market cap of $717.58 million, a PE ratio of -6.93 and a beta of 0.51. The company’s fifty day moving average price is $10.38 and its two-hundred day moving average price is $11.14.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in PHAT. Millennium Management LLC increased its position in Phathom Pharmaceuticals by 125.8% during the 3rd quarter. Millennium Management LLC now owns 5,081,451 shares of the company’s stock worth $59,809,000 after purchasing an additional 2,830,954 shares during the period. BlackRock Inc. acquired a new stake in shares of Phathom Pharmaceuticals in the 2nd quarter valued at approximately $49,098,000. Invesco Ltd. lifted its holdings in shares of Phathom Pharmaceuticals by 13.4% in the 2nd quarter. Invesco Ltd. now owns 4,140,072 shares of the company’s stock valued at $39,703,000 after buying an additional 489,260 shares during the period. Carlyle Group Inc. purchased a new stake in shares of Phathom Pharmaceuticals in the second quarter valued at approximately $37,940,000. Finally, Vanguard Group Inc. boosted its stake in shares of Phathom Pharmaceuticals by 15.4% in the third quarter. Vanguard Group Inc. now owns 3,215,572 shares of the company’s stock valued at $37,847,000 after buying an additional 428,261 shares in the last quarter. Hedge funds and other institutional investors own 99.01% of the company’s stock.

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.