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

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $28.00 target price on the stock.

A number of other research firms have also weighed in on PHAT. HC Wainwright restated a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, March 7th. Cantor Fitzgerald upgraded shares of Phathom Pharmaceuticals to a “strong-buy” rating in a report on Tuesday, February 25th. The Goldman Sachs Group lowered their target price on shares of Phathom Pharmaceuticals from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday. Craig Hallum restated a “buy” rating on shares of Phathom Pharmaceuticals in a research note on Friday, March 7th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Phathom Pharmaceuticals in a report on Wednesday, April 2nd. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $21.83.

Phathom Pharmaceuticals Price Performance

PHAT opened at $4.03 on Monday. The business has a fifty day moving average price of $5.30 and a 200 day moving average price of $8.55. Phathom Pharmaceuticals has a 12 month low of $3.81 and a 12 month high of $19.71. The stock has a market capitalization of $280.64 million, a price-to-earnings ratio of -0.71 and a beta of 0.35.

Insider Activity at Phathom Pharmaceuticals

In other news, COO Azmi Nabulsi sold 7,886 shares of Phathom Pharmaceuticals stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $6.59, for a total transaction of $51,968.74. Following the sale, the chief operating officer now owns 233,390 shares in the company, valued at approximately $1,538,040.10. The trade was a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Terrie Curran sold 19,109 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $6.59, for a total value of $125,928.31. Following the completion of the sale, the insider now directly 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. Insiders sold a total of 37,256 shares of company stock valued at $238,014 over the last ninety days. Insiders own 24.10% of the company’s stock.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in Phathom Pharmaceuticals by 797.2% during the 1st quarter. GAMMA Investing LLC now owns 4,558 shares of the company’s stock worth $29,000 after purchasing an additional 4,050 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Phathom Pharmaceuticals during the fourth quarter worth about $74,000. Teacher Retirement System of Texas purchased a new position in shares of Phathom Pharmaceuticals during the fourth quarter worth about $90,000. Rafferty Asset Management LLC acquired a new position in Phathom Pharmaceuticals in the 4th quarter valued at about $90,000. Finally, Versor Investments LP purchased a new stake in Phathom Pharmaceuticals during the 4th quarter valued at approximately $101,000. 99.01% of the stock is 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.