Needham & Company LLC Reaffirms Buy Rating for Phathom Pharmaceuticals (NASDAQ:PHAT)

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $28.00 target price on the stock.

Other equities analysts also recently issued research reports about the stock. Guggenheim reissued a “buy” rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, April 2nd. The Goldman Sachs Group reduced their price objective on Phathom Pharmaceuticals from $18.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Phathom Pharmaceuticals in a research report on Friday, March 7th. Craig Hallum reiterated a “buy” rating on shares of Phathom Pharmaceuticals in a report on Friday, March 7th. Finally, Cantor Fitzgerald upgraded Phathom Pharmaceuticals to a “strong-buy” rating in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $22.17.

Phathom Pharmaceuticals Stock Performance

NASDAQ PHAT opened at $4.11 on Wednesday. The firm has a market capitalization of $286.21 million, a price-to-earnings ratio of -0.72 and a beta of 0.35. Phathom Pharmaceuticals has a one year low of $3.81 and a one year high of $19.71. The company’s 50 day moving average price is $5.47 and its 200 day moving average price is $9.16.

Insider Buying and Selling

In other Phathom Pharmaceuticals news, CFO Molly Henderson sold 6,583 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $6.59, for a total value of $43,381.97. Following the transaction, the chief financial officer now directly owns 93,546 shares of the company’s stock, valued at $616,468.14. This represents a 6.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Terrie Curran sold 19,109 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $6.59, for a total value of $125,928.31. Following the transaction, the insider now owns 360,465 shares of the company’s stock, valued at approximately $2,375,464.35. This trade represents a 5.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,256 shares of company stock worth $238,014. 24.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of PHAT. Jennison Associates LLC lifted its position in shares of Phathom Pharmaceuticals by 20.4% during the fourth quarter. Jennison Associates LLC now owns 7,062,507 shares of the company’s stock worth $57,348,000 after purchasing an additional 1,196,118 shares during the last quarter. State Street Corp lifted its holdings in Phathom Pharmaceuticals by 17.5% during the 3rd quarter. State Street Corp now owns 922,788 shares of the company’s stock worth $16,684,000 after buying an additional 137,539 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth approximately $3,701,000. Barclays PLC increased its holdings in shares of Phathom Pharmaceuticals by 366.0% in the 3rd quarter. Barclays PLC now owns 57,807 shares of the company’s stock valued at $1,044,000 after acquiring an additional 45,402 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of Phathom Pharmaceuticals by 10.0% during the 4th quarter. Rhumbline Advisers now owns 55,968 shares of the company’s stock valued at $454,000 after acquiring an additional 5,110 shares in the last quarter. Institutional investors own 99.01% of the company’s stock.

Phathom Pharmaceuticals Company Profile

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.