Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 7.6% – Here’s What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price traded down 7.6% during trading on Monday . The stock traded as low as $14.02 and last traded at $13.88. 293,540 shares changed hands during trading, a decline of 82% from the average session volume of 1,598,576 shares. The stock had previously closed at $15.02.

Analysts Set New Price Targets

PHAT has been the topic of several recent analyst reports. Wall Street Zen raised Phathom Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, October 18th. Barclays assumed coverage on Phathom Pharmaceuticals in a report on Monday, December 8th. They issued an “equal weight” rating and a $16.00 price objective for the company. Guggenheim reaffirmed a “buy” rating and set a $20.00 target price on shares of Phathom Pharmaceuticals in a report on Thursday, October 30th. HC Wainwright lifted their price objective on shares of Phathom Pharmaceuticals from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Craig Hallum restated a “buy” rating and issued a $22.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

Phathom Pharmaceuticals Stock Performance

The firm’s 50 day simple moving average is $15.33 and its 200-day simple moving average is $12.47. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -3.79 and a beta of 0.48.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its quarterly earnings results on Thursday, October 30th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.15. The business had revenue of $49.50 million for the quarter, compared to analysts’ expectations of $47.03 million. As a group, equities analysts anticipate that Phathom Pharmaceuticals, Inc. will post -4.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Frazier Life Sciences Management L.P. raised its position in Phathom Pharmaceuticals by 23.3% during the second quarter. Frazier Life Sciences Management L.P. now owns 12,466,489 shares of the company’s stock valued at $119,554,000 after acquiring an additional 2,357,210 shares in the last quarter. AlphaQuest LLC increased its stake in shares of Phathom Pharmaceuticals by 2,127.2% during the 2nd quarter. AlphaQuest LLC now owns 32,206 shares of the company’s stock worth $309,000 after purchasing an additional 30,760 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Phathom Pharmaceuticals during the 2nd quarter valued at $90,000. 683 Capital Management LLC lifted its stake in shares of Phathom Pharmaceuticals by 45.7% in the 2nd quarter. 683 Capital Management LLC now owns 2,105,000 shares of the company’s stock valued at $20,187,000 after purchasing an additional 660,000 shares during the last quarter. Finally, Entropy Technologies LP acquired a new position in Phathom Pharmaceuticals during the second quarter worth $111,000. Institutional investors and hedge funds own 99.01% of the company’s stock.

About Phathom Pharmaceuticals

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.