Opaleye Management Inc. Makes New Investment in Phathom Pharmaceuticals, Inc. $PHAT

Opaleye Management Inc. bought a new position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) in the second quarter, Holdings Channel.com reports. The firm bought 185,589 shares of the company’s stock, valued at approximately $2,014,000.

Other hedge funds also recently made changes to their positions in the company. Engineers Gate Manager LP boosted its stake in shares of Phathom Pharmaceuticals by 60.1% in the 2nd quarter. Engineers Gate Manager LP now owns 118,257 shares of the company’s stock valued at $1,283,000 after purchasing an additional 44,409 shares in the last quarter. NewEdge Advisors LLC increased its position in Phathom Pharmaceuticals by 11.5% during the 2nd quarter. NewEdge Advisors LLC now owns 203,962 shares of the company’s stock worth $2,213,000 after purchasing an additional 20,962 shares in the last quarter. California State Teachers Retirement System lifted its stake in Phathom Pharmaceuticals by 1,297.0% in the 2nd quarter. California State Teachers Retirement System now owns 561,889 shares of the company’s stock valued at $6,096,000 after purchasing an additional 521,667 shares during the last quarter. Pale Fire Capital SE acquired a new stake in Phathom Pharmaceuticals in the second quarter valued at approximately $539,000. Finally, Hsbc Holdings PLC acquired a new stake in Phathom Pharmaceuticals in the second quarter valued at approximately $7,702,000. 99.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Craig Hallum reissued a “buy” rating and set a $20.00 price objective on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Leerink Partners began coverage on Phathom Pharmaceuticals in a report on Wednesday. They issued a “market perform” rating and a $10.00 target price for the company. Needham & Company LLC lowered their target price on Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Finally, Barclays dropped their target price on Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.25.

Phathom Pharmaceuticals Stock Performance

Shares of NASDAQ PHAT opened at $8.37 on Friday. The firm has a 50 day moving average price of $9.91 and a two-hundred day moving average price of $10.79. The stock has a market cap of $677.13 million, a P/E ratio of -6.54 and a beta of 0.51. Phathom Pharmaceuticals, Inc. has a 52-week low of $8.21 and a 52-week high of $18.31.

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.