Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 7% – What’s Next?

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

Wall Street Analysts Forecast Growth

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

Phathom Pharmaceuticals Trading Down 6.8 %

The stock’s 50 day moving average price is $16.23 and its 200 day moving average price is $13.37. The company has a market capitalization of $596.96 million, a price-to-earnings ratio of -1.52 and a beta of 0.72.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of large investors have recently modified their holdings of PHAT. Huntington National Bank lifted its stake in Phathom Pharmaceuticals by 62.2% in the 3rd quarter. Huntington National Bank now owns 1,471 shares of the company’s stock valued at $27,000 after purchasing an additional 564 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Phathom Pharmaceuticals by 41.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock valued at $43,000 after purchasing an additional 722 shares during the last quarter. US Bancorp DE lifted its stake in Phathom Pharmaceuticals by 28.6% in the 3rd quarter. US Bancorp DE now owns 5,248 shares of the company’s stock valued at $95,000 after purchasing an additional 1,166 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Phathom Pharmaceuticals by 10.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,941 shares of the company’s stock valued at $144,000 after purchasing an additional 1,339 shares during the last quarter. Finally, Inspirion Wealth Advisors LLC lifted its stake in Phathom Pharmaceuticals by 4.3% in the 2nd quarter. Inspirion Wealth Advisors LLC now owns 36,634 shares of the company’s stock valued at $377,000 after purchasing an additional 1,500 shares during the last quarter. 99.01% of the stock is currently owned by institutional investors and hedge funds.

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.