Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 7% – Here’s Why

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) dropped 7% on Wednesday . The stock traded as low as $8.56 and last traded at $8.71. Approximately 638,617 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 909,081 shares. The stock had previously closed at $9.37.

Analyst Upgrades and Downgrades

PHAT has been the topic of several analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $26.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, September 13th. HC Wainwright reiterated a “buy” rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Monday, August 12th. Finally, The Goldman Sachs Group upped their price target on Phathom Pharmaceuticals from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th.

Phathom Pharmaceuticals Trading Down 1.2 %

The stock has a 50 day moving average of $15.83 and a 200-day moving average of $13.31. The stock has a market capitalization of $638.67 million, a P/E ratio of -1.68 and a beta of 0.72.

Institutional Trading of Phathom Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PHAT. Barclays PLC lifted 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 buying an additional 45,402 shares during the period. Geode Capital Management LLC increased its stake in Phathom Pharmaceuticals by 7.1% during the 3rd quarter. Geode Capital Management LLC now owns 862,918 shares of the company’s stock worth $15,605,000 after buying an additional 56,871 shares in the last quarter. MML Investors Services LLC increased its stake in Phathom Pharmaceuticals by 72.8% during the 3rd quarter. MML Investors Services LLC now owns 33,860 shares of the company’s stock worth $612,000 after buying an additional 14,260 shares in the last quarter. State Street Corp increased its holdings in shares of Phathom Pharmaceuticals by 17.5% in the third quarter. State Street Corp now owns 922,788 shares of the company’s stock valued at $16,684,000 after purchasing an additional 137,539 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Phathom Pharmaceuticals in the third quarter valued at approximately $7,952,000. Institutional investors and hedge funds 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.