Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 6.5% – Here’s Why

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) were down 6.5% during mid-day trading on Monday . The company traded as low as $11.64 and last traded at $11.74. Approximately 1,402,830 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 1,193,332 shares. The stock had previously closed at $12.56.

Analysts Set New Price Targets

A number of research firms have weighed in on PHAT. Guggenheim increased their target price on Phathom Pharmaceuticals from $20.00 to $25.00 and gave the company a “buy” rating in a report on Friday. Barclays initiated coverage on shares of Phathom Pharmaceuticals in a research report on Monday, December 8th. They set an “equal weight” rating and a $16.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, January 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Thursday, January 22nd. Finally, Raymond James Financial started coverage on shares of Phathom Pharmaceuticals in a report on Thursday, December 11th. They set a “strong-buy” rating and a $28.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.25.

Phathom Pharmaceuticals Trading Down 8.8%

The stock has a 50 day moving average of $14.30 and a 200-day moving average of $13.52. The company has a market capitalization of $818.47 million, a P/E ratio of -3.75 and a beta of 0.51.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $57.58 million for the quarter, compared to analysts’ expectations of $57.44 million. As a group, sell-side analysts expect that Phathom Pharmaceuticals, Inc. will post -4.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new stake in Phathom Pharmaceuticals in the 4th quarter worth $27,000. Jones Financial Companies Lllp increased its position in Phathom Pharmaceuticals by 442.6% in the third quarter. Jones Financial Companies Lllp now owns 2,523 shares of the company’s stock worth $30,000 after purchasing an additional 2,058 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Phathom Pharmaceuticals during the second quarter valued at $30,000. Kestra Advisory Services LLC bought a new position in Phathom Pharmaceuticals during the fourth quarter valued at $38,000. Finally, Ameritas Investment Partners Inc. grew its stake in shares of Phathom Pharmaceuticals by 39.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,311 shares of the company’s stock worth $41,000 after buying an additional 1,216 shares in the last quarter. 99.01% of the stock is owned by hedge funds and other institutional investors.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.