Needham & Company LLC Reiterates Buy Rating for Phathom Pharmaceuticals (NASDAQ:PHAT)

Needham & Company LLC reissued their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHATFree Report) in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $28.00 target price on the stock.

Phathom Pharmaceuticals Trading Down 1.2 %

NASDAQ:PHAT opened at $7.89 on Wednesday. The business’s 50-day moving average is $12.90 and its 200 day moving average is $13.14. Phathom Pharmaceuticals has a 12 month low of $6.07 and a 12 month high of $19.71. The company has a market capitalization of $539.49 million, a P/E ratio of -1.39 and a beta of 0.56.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Eagle Asset Management Inc. raised its stake in Phathom Pharmaceuticals by 25.9% during the third quarter. Eagle Asset Management Inc. now owns 455,196 shares of the company’s stock valued at $7,675,000 after purchasing an additional 93,733 shares in the last quarter. FMR LLC raised its position in shares of Phathom Pharmaceuticals by 49,000.7% during the 3rd 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 in the last quarter. Oracle Investment Management Inc. bought a new position in shares of Phathom Pharmaceuticals in the 2nd quarter valued at about $2,318,000. Jennison Associates LLC grew its position 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 acquiring an additional 3,108,810 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Phathom Pharmaceuticals during the third quarter worth approximately $7,952,000. 99.01% of the stock is currently owned by institutional investors.

About Phathom Pharmaceuticals

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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.

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