Phathom Pharmaceuticals (NASDAQ:PHAT) Sees Large Volume Increase – Here’s Why

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) saw unusually-strong trading volume on Tuesday . Approximately 986,337 shares traded hands during mid-day trading, an increase of 17% from the previous session’s volume of 842,068 shares.The stock last traded at $11.73 and had previously closed at $13.10.

Wall Street Analyst Weigh In

Several research analysts recently commented on PHAT shares. HC Wainwright reiterated a “buy” rating and issued a $28.00 target price on shares of Phathom Pharmaceuticals in a report on Monday, August 12th. The Goldman Sachs Group boosted their price objective on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Finally, Needham & Company LLC restated a “buy” rating and set a $26.00 price objective on shares of Phathom Pharmaceuticals in a report on Friday, September 13th.

Phathom Pharmaceuticals Trading Down 27.3 %

The firm’s fifty day moving average price is $17.21 and its 200-day moving average price is $13.38. The company has a market cap of $567.30 million, a P/E ratio of -1.85 and a beta of 0.72.

Institutional Trading of Phathom Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank increased its stake in Phathom Pharmaceuticals by 62.2% in the third quarter. Huntington National Bank now owns 1,471 shares of the company’s stock valued at $27,000 after acquiring an additional 564 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Phathom Pharmaceuticals by 41.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock valued at $43,000 after acquiring an additional 722 shares during the period. US Bancorp DE increased its stake in Phathom Pharmaceuticals by 28.6% in the third quarter. US Bancorp DE now owns 5,248 shares of the company’s stock valued at $95,000 after acquiring an additional 1,166 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Phathom Pharmaceuticals by 42.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company’s stock valued at $104,000 after acquiring an additional 2,987 shares during the period. Finally, Quest Partners LLC acquired a new position in Phathom Pharmaceuticals in the third quarter valued at about $197,000. Institutional investors own 99.01% of the company’s stock.

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.