Phathom Pharmaceuticals (NASDAQ:PHAT) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research report sent to investors on Friday, Benzinga reports. Needham & Company LLC currently has a $26.00 price objective on the stock.

Phathom Pharmaceuticals Trading Down 5.4 %

Shares of NASDAQ:PHAT opened at $8.97 on Friday. Phathom Pharmaceuticals has a 52-week low of $6.07 and a 52-week high of $17.02. The company has a 50-day simple moving average of $9.65 and a 200 day simple moving average of $8.75.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its earnings results on Thursday, March 7th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.12. The firm had revenue of $0.68 million during the quarter, compared to analyst estimates of $0.93 million. During the same quarter last year, the business posted ($1.33) earnings per share. On average, equities research analysts anticipate that Phathom Pharmaceuticals will post -4.22 earnings per share for the current year.

Insiders Place Their Bets

In other Phathom Pharmaceuticals news, CFO Molly Henderson sold 3,435 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $11.10, for a total transaction of $38,128.50. Following the completion of the sale, the chief financial officer now directly owns 95,263 shares in the company, valued at $1,057,419.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Phathom Pharmaceuticals news, CFO Molly Henderson sold 3,435 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $11.10, for a total transaction of $38,128.50. Following the completion of the sale, the chief financial officer now directly owns 95,263 shares in the company, valued at $1,057,419.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Pharmaceutical Co Ltd Takeda sold 3,703,703 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $8.10, for a total transaction of $29,999,994.30. Following the sale, the insider now owns 3,755,583 shares of the company’s stock, valued at $30,420,222.30. The disclosure for this sale can be found here. Insiders sold 3,723,989 shares of company stock worth $30,191,635 over the last three months. Insiders own 27.10% of the company’s stock.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in PHAT. Medicxi Ventures Management Jersey Ltd raised its position in shares of Phathom Pharmaceuticals by 98.5% in the first quarter. Medicxi Ventures Management Jersey Ltd now owns 7,464,572 shares of the company’s stock valued at $79,274,000 after buying an additional 3,703,703 shares in the last quarter. Decheng Capital LLC acquired a new stake in shares of Phathom Pharmaceuticals in the fourth quarter valued at approximately $7,760,000. Catalys Pacific LLC acquired a new stake in shares of Phathom Pharmaceuticals in the fourth quarter valued at approximately $6,592,000. Woodline Partners LP acquired a new stake in shares of Phathom Pharmaceuticals in the second quarter valued at approximately $9,647,000. Finally, BlackRock Inc. raised its position in shares of Phathom Pharmaceuticals by 22.6% in the second quarter. BlackRock Inc. now owns 2,002,632 shares of the company’s stock valued at $28,678,000 after buying an additional 369,722 shares in the last quarter. 99.01% of the stock is currently owned by institutional investors and hedge funds.

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.