Phathom Pharmaceuticals (NASDAQ:PHAT) Trading 7.1% Higher – Here’s What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price was up 7.1% during trading on Thursday . The company traded as high as $8.05 and last traded at $8.03. Approximately 694,285 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 919,099 shares. The stock had previously closed at $7.50.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Thursday, December 12th. Needham & Company LLC restated a “buy” rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Wednesday, December 11th.

Phathom Pharmaceuticals Trading Up 1.0 %

The stock has a fifty day moving average price of $11.30 and a 200 day moving average price of $12.98. The firm has a market cap of $559.32 million, a price-to-earnings ratio of -1.44 and a beta of 0.56.

Insider Activity

In other Phathom Pharmaceuticals news, Director Frank Karbe purchased 12,500 shares of the stock in a transaction dated Friday, December 13th. The shares were bought at an average cost of $7.93 per share, with a total value of $99,125.00. Following the completion of the transaction, the director now owns 57,000 shares in the company, valued at $452,010. This trade represents a 28.09 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 24.10% of the company’s stock.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several large investors have recently made changes to their positions in the business. Huntington National Bank increased its position in Phathom Pharmaceuticals by 62.2% in the 3rd quarter. Huntington National Bank now owns 1,471 shares of the company’s stock worth $27,000 after buying an additional 564 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Phathom Pharmaceuticals by 41.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock worth $43,000 after acquiring an additional 722 shares during the last quarter. US Bancorp DE increased its position 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 acquiring an additional 1,166 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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 acquiring an additional 2,987 shares during the period. Finally, Quest Partners LLC acquired a new position in Phathom Pharmaceuticals during the 3rd quarter valued at $197,000. Institutional investors and hedge funds 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.