Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Up 3.1% – Should You Buy?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares shot up 3.1% on Wednesday. The company traded as high as $7.30 and last traded at $7.22. 197,211 shares were traded during mid-day trading, a decline of 84% from the average session volume of 1,245,608 shares. The stock had previously closed at $7.00.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PHAT shares. Craig Hallum restated a “buy” rating and issued a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. Guggenheim decreased their price objective on shares of Phathom Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Barclays lowered their price objective on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, August 14th. Jefferies Financial Group restated a “buy” rating and set a $16.00 target price on shares of Phathom Pharmaceuticals in a report on Wednesday. Finally, HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.67.

Phathom Pharmaceuticals Stock Performance

The firm’s 50 day moving average is $8.21 and its 200-day moving average is $10.14.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PHAT. BlackRock Inc. acquired a new stake in shares of Phathom Pharmaceuticals during the second quarter worth $49,098,000. Carlyle Group Inc. purchased a new stake in shares of Phathom Pharmaceuticals in the second quarter valued at $37,940,000. Wasatch Advisors LP increased its stake in Phathom Pharmaceuticals by 0.7% in the first quarter. Wasatch Advisors LP now owns 1,340,916 shares of the company’s stock valued at $14,898,000 after purchasing an additional 9,247 shares during the last quarter. SummitTX Capital L.P. increased its stake in Phathom Pharmaceuticals by 92.3% in the first quarter. SummitTX Capital L.P. now owns 995,885 shares of the company’s stock valued at $11,064,000 after purchasing an additional 478,065 shares during the last quarter. Finally, Perceptive Advisors LLC acquired a new position in Phathom Pharmaceuticals in the first quarter valued at $10,277,000. 99.01% of the stock is currently owned by institutional investors and hedge funds.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company’s portfolio is centered on vonoprazan, a potassium-competitive acid blocker designed to suppress gastric acid production and provide an alternative to traditional proton pump inhibitors.

Phathom markets vonoprazan in the United States under the brand name Voquezna. The product is approved for the healing and maintenance of healing of erosive esophagitis, relief of associated heartburn, and treatment of heartburn related to non-erosive gastroesophageal reflux disease.