Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 8.9% – What’s Next?

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) fell 8.9% during mid-day trading on Friday . The stock traded as low as $16.79 and last traded at $16.86. 717,235 shares changed hands during trading, a decline of 13% from the average session volume of 821,795 shares. The stock had previously closed at $18.50.

Wall Street Analysts Forecast Growth

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

Phathom Pharmaceuticals Price Performance

The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of -3.29 and a beta of 0.72. The stock has a 50 day moving average price of $17.28 and a two-hundred day moving average price of $13.24.

Phathom Pharmaceuticals (NASDAQ:PHAT) last released its earnings results on Thursday, August 8th. The company reported ($1.35) earnings per share for the quarter, beating the consensus estimate of ($1.39) by $0.04. The firm had revenue of $7.32 million during the quarter, compared to analyst estimates of $5.65 million. As a group, research analysts expect that Phathom Pharmaceuticals, Inc. will post -6.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Phathom Pharmaceuticals by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 1,979,113 shares of the company’s stock valued at $21,018,000 after buying an additional 22,684 shares during the period. Propel Bio Management LLC boosted its holdings in Phathom Pharmaceuticals by 96.4% in the first quarter. Propel Bio Management LLC now owns 869,927 shares of the company’s stock valued at $9,239,000 after purchasing an additional 426,880 shares during the period. Oracle Investment Management Inc. purchased a new position in Phathom Pharmaceuticals in the second quarter valued at $2,318,000. Bank of New York Mellon Corp grew its stake in Phathom Pharmaceuticals by 20.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 114,721 shares of the company’s stock worth $1,182,000 after purchasing an additional 19,500 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in Phathom Pharmaceuticals during the 2nd quarter worth about $1,161,000. Institutional investors and hedge funds 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.