Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Up 9.4% – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price shot up 9.4% during mid-day trading on Thursday . The company traded as high as $9.59 and last traded at $9.55. 522,166 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 910,218 shares. The stock had previously closed at $8.73.

Analyst Ratings Changes

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

Phathom Pharmaceuticals Stock Performance

The company’s 50-day moving average price is $16.03 and its two-hundred day moving average price is $13.34. The stock has a market cap of $646.19 million, a PE ratio of -1.64 and a beta of 0.72.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Jennison Associates LLC boosted its stake in Phathom Pharmaceuticals by 112.7% in the third quarter. Jennison Associates LLC now owns 5,866,389 shares of the company’s stock worth $106,064,000 after buying an additional 3,108,810 shares in the last quarter. Vanguard Group Inc. raised its position in Phathom Pharmaceuticals by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 1,979,113 shares of the company’s stock worth $21,018,000 after purchasing an additional 22,684 shares during the period. Portolan Capital Management LLC lifted its stake in Phathom Pharmaceuticals by 50.4% in the third quarter. Portolan Capital Management LLC now owns 1,699,918 shares of the company’s stock worth $30,735,000 after purchasing an additional 569,829 shares during the last quarter. Checkpoint Capital L.P. boosted its position in Phathom Pharmaceuticals by 71.9% during the third quarter. Checkpoint Capital L.P. now owns 1,504,307 shares of the company’s stock valued at $27,198,000 after buying an additional 629,307 shares during the period. Finally, FMR LLC boosted its position in Phathom Pharmaceuticals by 49,000.7% during the third quarter. FMR LLC now owns 1,304,114 shares of the company’s stock valued at $23,578,000 after buying an additional 1,301,458 shares during the period. 99.01% of the stock is currently owned by hedge funds and other institutional investors.

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.