Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 7% – What’s Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price fell 7% during mid-day trading on Wednesday . The stock traded as low as $8.56 and last traded at $8.71. 638,617 shares were traded during mid-day trading, a decline of 30% from the average session volume of 909,081 shares. The stock had previously closed at $9.37.

Analyst Ratings Changes

Several research firms have weighed in on PHAT. Needham & Company LLC reissued a “buy” rating and issued a $26.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, September 13th. The Goldman Sachs Group increased their price target on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Monday, August 12th.

Phathom Pharmaceuticals Stock Down 6.8 %

The business’s 50 day moving average is $16.23 and its 200-day moving average is $13.37. The firm has a market capitalization of $596.96 million, a P/E ratio of -1.52 and a beta of 0.72.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank increased its stake in Phathom Pharmaceuticals by 62.2% in the third quarter. Huntington National Bank now owns 1,471 shares of the company’s stock valued at $27,000 after acquiring an additional 564 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Phathom Pharmaceuticals by 41.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock worth $43,000 after purchasing an additional 722 shares during the period. US Bancorp DE lifted its holdings in shares of Phathom Pharmaceuticals by 28.6% during the third quarter. US Bancorp DE now owns 5,248 shares of the company’s stock worth $95,000 after purchasing an additional 1,166 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings 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 worth $104,000 after purchasing an additional 2,987 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new stake in Phathom Pharmaceuticals during the first quarter valued at $119,000. 99.01% of the stock is owned by 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.