Phathom Pharmaceuticals (NASDAQ:PHAT) Receives Buy Rating from Needham & Company LLC

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They currently have a $28.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 302.88% from the company’s previous close.

Separately, HC Wainwright reiterated a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research report on Thursday, December 12th.

Phathom Pharmaceuticals Trading Down 3.5 %

Shares of NASDAQ PHAT opened at $6.95 on Friday. Phathom Pharmaceuticals has a one year low of $6.07 and a one year high of $19.71. The business has a fifty day simple moving average of $9.66 and a 200 day simple moving average of $12.74. The firm has a market capitalization of $475.22 million, a price-to-earnings ratio of -1.22 and a beta of 0.56.

Insider Transactions at Phathom Pharmaceuticals

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank raised its position 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. increased its stake in shares of 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 buying an additional 722 shares in the last quarter. US Bancorp DE raised its holdings in shares of 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 buying an additional 1,166 shares during the last quarter. Quest Partners LLC acquired a new position in Phathom Pharmaceuticals during the 3rd quarter worth about $197,000. Finally, Intech Investment Management LLC bought a new stake in Phathom Pharmaceuticals during the 3rd quarter worth about $207,000. 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.