Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Up 7.1% – Time to Buy?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price was up 7.1% on Thursday . The stock traded as high as $8.05 and last traded at $8.03. Approximately 694,285 shares traded hands during trading, a decline of 24% from the average daily volume of 919,099 shares. The stock had previously closed at $7.50.

Wall Street Analyst Weigh In

PHAT has been the topic of a number of research reports. Needham & Company LLC restated a “buy” rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Wednesday, December 11th. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Thursday, December 12th.

Phathom Pharmaceuticals Stock Performance

The company has a 50-day moving average of $11.62 and a 200 day moving average of $13.03. The firm has a market cap of $548.38 million, a P/E ratio of -1.41 and a beta of 0.57.

Insider Buying and Selling at Phathom Pharmaceuticals

In other news, Director Frank Karbe acquired 12,500 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were purchased at an average cost of $7.93 per share, with a total value of $99,125.00. Following the completion of the purchase, the director now owns 57,000 shares of the company’s stock, valued at $452,010. This represents a 28.09 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 24.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Jennison Associates LLC increased its stake in shares of Phathom Pharmaceuticals by 112.7% in the third quarter. Jennison Associates LLC now owns 5,866,389 shares of the company’s stock valued at $106,064,000 after buying an additional 3,108,810 shares in the last quarter. FMR LLC grew its holdings in Phathom Pharmaceuticals by 49,000.7% during the 3rd quarter. FMR LLC now owns 1,304,114 shares of the company’s stock worth $23,578,000 after acquiring an additional 1,301,458 shares during the last quarter. Checkpoint Capital L.P. increased its position in Phathom Pharmaceuticals by 71.9% in the 3rd quarter. Checkpoint Capital L.P. now owns 1,504,307 shares of the company’s stock valued at $27,198,000 after acquiring an additional 629,307 shares in the last quarter. Portolan Capital Management LLC raised its stake in shares of Phathom Pharmaceuticals by 50.4% in the third quarter. Portolan Capital Management LLC now owns 1,699,918 shares of the company’s stock worth $30,735,000 after acquiring an additional 569,829 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Phathom Pharmaceuticals during the third quarter worth approximately $7,952,000. 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.