Phathom Pharmaceuticals (NASDAQ:PHAT) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) saw unusually-strong trading volume on Tuesday . Approximately 986,337 shares changed 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 Analysts Forecast Growth

Several brokerages have recently commented on PHAT. 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. The Goldman Sachs Group lifted their target price 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, HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research note on Monday, August 12th.

Phathom Pharmaceuticals Trading Up 2.4 %

The firm has a market cap of $666.71 million, a P/E ratio of -1.71 and a beta of 0.72. The firm’s 50 day moving average is $17.08 and its two-hundred day moving average is $13.38.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jennison Associates LLC lifted its holdings in Phathom Pharmaceuticals by 112.7% during the third quarter. Jennison Associates LLC now owns 5,866,389 shares of the company’s stock worth $106,064,000 after acquiring an additional 3,108,810 shares in the last quarter. FMR LLC lifted its holdings in shares of Phathom Pharmaceuticals by 49,000.7% during the 3rd quarter. FMR LLC now owns 1,304,114 shares of the company’s stock valued at $23,578,000 after purchasing an additional 1,301,458 shares in the last quarter. Propel Bio Management LLC increased its stake in Phathom Pharmaceuticals by 96.4% during the 1st quarter. Propel Bio Management LLC now owns 869,927 shares of the company’s stock worth $9,239,000 after purchasing an additional 426,880 shares in the last quarter. Oracle Investment Management Inc. acquired a new stake in Phathom Pharmaceuticals during the 2nd quarter worth approximately $2,318,000. Finally, Marshall Wace LLP bought a new position in Phathom Pharmaceuticals in the second quarter valued at approximately $1,161,000. Institutional investors and hedge funds own 99.01% of the company’s stock.

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.