Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 8%

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) was down 8% during trading on Tuesday . The stock traded as low as $9.82 and last traded at $9.95. Approximately 212,942 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 725,347 shares. The stock had previously closed at $10.81.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Phathom Pharmaceuticals in a research note on Friday, May 3rd. They set a “buy” rating and a $24.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, June 28th. Finally, HC Wainwright reissued a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, May 10th.

Phathom Pharmaceuticals Stock Performance

The business’s 50 day simple moving average is $10.39 and its 200-day simple moving average is $9.41. The stock has a market capitalization of $599.93 million, a price-to-earnings ratio of -2.32 and a beta of 0.68.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($1.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.43) by $0.01. The company had revenue of $1.91 million during the quarter, compared to analyst estimates of $2.76 million. As a group, sell-side analysts expect that Phathom Pharmaceuticals, Inc. will post -5.57 EPS for the current year.

Insider Transactions at Phathom Pharmaceuticals

In other news, CFO Molly Henderson sold 3,435 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $11.10, for a total value of $38,128.50. Following the completion of the sale, the chief financial officer now directly owns 95,263 shares of the company’s stock, valued at approximately $1,057,419.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 24.10% of the company’s stock.

Institutional Trading of Phathom Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Phathom Pharmaceuticals by 12.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,573 shares of the company’s stock worth $208,000 after purchasing an additional 2,172 shares in the last quarter. EntryPoint Capital LLC bought a new stake in shares of Phathom Pharmaceuticals in the 1st quarter worth approximately $206,000. Propel Bio Management LLC raised its holdings in shares of Phathom Pharmaceuticals by 96.4% in the 1st quarter. Propel Bio Management LLC now owns 869,927 shares of the company’s stock worth $9,239,000 after purchasing an additional 426,880 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of 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 in the last quarter. Finally, State Board of Administration of Florida Retirement System bought a new stake in shares of Phathom Pharmaceuticals in the 1st quarter worth approximately $119,000. 99.01% of the stock is currently owned by institutional investors.

Phathom Pharmaceuticals Company Profile

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.