Phathom Pharmaceuticals (NASDAQ:PHAT) Sees Large Volume Increase – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares saw unusually-strong trading volume on Tuesday . Approximately 986,337 shares were traded during trading, an increase of 17% from the previous session’s volume of 842,068 shares.The stock last traded at $11.73 and had previously closed at $13.10.

Wall Street Analyst Weigh In

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

Phathom Pharmaceuticals Stock Down 27.3 %

The company’s fifty day moving average is $17.21 and its 200 day moving average is $13.38. The firm has a market cap of $567.30 million, a price-to-earnings ratio of -1.85 and a beta of 0.72.

Institutional Trading of Phathom Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System acquired a new stake in Phathom Pharmaceuticals in the 1st quarter worth about $119,000. Vanguard Group Inc. raised its position 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 valued at $21,018,000 after buying an additional 22,684 shares in the last quarter. Propel Bio Management LLC raised its position 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 valued at $9,239,000 after buying an additional 426,880 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Phathom Pharmaceuticals in the 1st quarter valued at approximately $206,000. Finally, Price T Rowe Associates Inc. MD raised its position 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 valued at $208,000 after buying an additional 2,172 shares in the last quarter. 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.