Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 3.5% – Here’s What Happened

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) dropped 3.5% on Friday . The stock traded as low as $8.61 and last traded at $8.66. Approximately 163,920 shares traded hands during trading, a decline of 82% from the average daily volume of 911,880 shares. The stock had previously closed at $8.97.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PHAT shares. The Goldman Sachs Group upped their price objective on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Needham & Company LLC restated a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, September 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Monday, August 12th.

Phathom Pharmaceuticals Price Performance

The company has a market cap of $606.53 million, a PE ratio of -1.56 and a beta of 0.72. The company’s 50 day simple moving average is $14.68 and its two-hundred day simple moving average is $13.29.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of hedge funds have recently made changes to their positions in PHAT. Huntington National Bank lifted its stake in Phathom Pharmaceuticals by 62.2% during the third quarter. Huntington National Bank now owns 1,471 shares of the company’s stock worth $27,000 after purchasing an additional 564 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Phathom Pharmaceuticals by 41.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock valued at $43,000 after acquiring an additional 722 shares during the period. US Bancorp DE increased its stake in Phathom Pharmaceuticals by 28.6% during the third quarter. US Bancorp DE now owns 5,248 shares of the company’s stock worth $95,000 after purchasing an additional 1,166 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Phathom Pharmaceuticals by 42.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company’s stock worth $104,000 after purchasing an additional 2,987 shares in the last quarter. Finally, LVW Advisors LLC purchased a new position in shares of Phathom Pharmaceuticals in the second quarter valued at approximately $133,000. Hedge funds and other institutional investors own 99.01% of the company’s stock.

About Phathom Pharmaceuticals

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.