Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 3.5%

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price fell 3.5% during mid-day trading on Friday . The company traded as low as $12.57 and last traded at $12.64. 167,602 shares were traded during trading, a decline of 77% from the average session volume of 734,916 shares. The stock had previously closed at $13.10.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PHAT. HC Wainwright reiterated a “buy” rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a research note on Monday. The Goldman Sachs Group raised their price target on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Stifel Nicolaus initiated coverage on shares of Phathom Pharmaceuticals in a research note on Friday, May 3rd. They issued a “buy” rating and a $24.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price objective on shares of Phathom Pharmaceuticals in a report on Monday.

Phathom Pharmaceuticals Stock Performance

The firm’s 50 day moving average price is $11.27 and its two-hundred day moving average price is $10.10. The company has a market cap of $742.49 million, a P/E ratio of -2.84 and a beta of 0.68.

Insider Activity at Phathom Pharmaceuticals

In other Phathom Pharmaceuticals news, insider Terrie Curran sold 33,848 shares of Phathom Pharmaceuticals stock in a transaction on Monday, July 15th. The shares were sold at an average price of $11.72, for a total transaction of $396,698.56. Following the transaction, the insider now directly owns 377,734 shares of the company’s stock, valued at approximately $4,427,042.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Terrie Curran sold 33,848 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $11.72, for a total transaction of $396,698.56. Following the sale, the insider now directly owns 377,734 shares in the company, valued at $4,427,042.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Molly Henderson sold 4,325 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $11.72, for a total value of $50,689.00. Following the sale, the chief financial officer now owns 99,447 shares in the company, valued at $1,165,518.84. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,074 shares of company stock valued at $575,147. 24.10% of the stock is owned by company insiders.

Institutional Trading of Phathom Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its holdings in shares of Phathom Pharmaceuticals by 10.6% during the second quarter. The Manufacturers Life Insurance Company now owns 13,941 shares of the company’s stock valued at $144,000 after acquiring an additional 1,339 shares in the last quarter. Oracle Investment Management Inc. bought a new position in shares of Phathom Pharmaceuticals during the second quarter valued at $2,318,000. Marshall Wace LLP bought a new position in shares of Phathom Pharmaceuticals during the second quarter valued at $1,161,000. Rhumbline Advisers boosted its position in shares of Phathom Pharmaceuticals by 17.1% during the second quarter. Rhumbline Advisers now owns 55,178 shares of the company’s stock valued at $568,000 after buying an additional 8,075 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted 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 valued at $104,000 after buying an additional 2,987 shares during the last quarter. 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.