Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Up 14.3% on Earnings Beat

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price traded up 14.3% on Thursday following a stronger than expected earnings report. The company traded as high as $14.18 and last traded at $14.0770. 288,155 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 1,147,177 shares. The stock had previously closed at $12.32.

The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $57.58 million for the quarter, compared to analyst estimates of $57.44 million.

Analysts Set New Price Targets

PHAT has been the topic of several research analyst reports. Raymond James Financial started coverage on Phathom Pharmaceuticals in a research report on Thursday, December 11th. They set a “strong-buy” rating and a $28.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Phathom Pharmaceuticals in a report on Wednesday, January 14th. Guggenheim restated a “buy” rating and set a $20.00 price objective on shares of Phathom Pharmaceuticals in a research report on Thursday, October 30th. Barclays started coverage on shares of Phathom Pharmaceuticals in a report on Monday, December 8th. They issued an “equal weight” rating and a $16.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.71.

Institutional Trading of Phathom Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in shares of Phathom Pharmaceuticals by 508.2% in the 1st quarter. AQR Capital Management LLC now owns 107,399 shares of the company’s stock valued at $673,000 after buying an additional 89,741 shares during the period. AlphaQuest LLC lifted its position in shares of Phathom Pharmaceuticals by 2,127.2% in the second quarter. AlphaQuest LLC now owns 32,206 shares of the company’s stock valued at $309,000 after acquiring an additional 30,760 shares in the last quarter. Savant Capital LLC acquired a new stake in shares of Phathom Pharmaceuticals during the 2nd quarter worth about $113,000. Geode Capital Management LLC grew its stake in Phathom Pharmaceuticals by 5.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,069,927 shares of the company’s stock worth $10,263,000 after acquiring an additional 53,504 shares during the period. Finally, Intech Investment Management LLC grew its position in shares of Phathom Pharmaceuticals by 31.2% in the second quarter. Intech Investment Management LLC now owns 28,192 shares of the company’s stock valued at $270,000 after purchasing an additional 6,708 shares during the period. Institutional investors and hedge funds own 99.01% of the company’s stock.

Phathom Pharmaceuticals Trading Up 9.7%

The stock’s 50 day moving average price is $14.46 and its 200 day moving average price is $13.46. The company has a market cap of $965.38 million, a price-to-earnings ratio of -3.51 and a beta of 0.51.

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.