Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 6.9% – What’s Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) fell 6.9% on Thursday . The company traded as low as $7.54 and last traded at $7.56. 446,563 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 920,981 shares. The stock had previously closed at $8.12.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PHAT. HC Wainwright reiterated a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Thursday, December 12th. Needham & Company LLC reiterated a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research report on Wednesday, December 11th.

Phathom Pharmaceuticals Stock Down 8.1 %

The stock has a market capitalization of $510.09 million, a price-to-earnings ratio of -1.31 and a beta of 0.56. The firm has a fifty day moving average of $10.81 and a 200-day moving average of $12.93.

Insider Transactions at Phathom Pharmaceuticals

In other news, Director Frank Karbe acquired 12,500 shares of Phathom Pharmaceuticals stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average price 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 approximately $452,010. This represents a 28.09 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 24.10% of the company’s stock.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in Phathom Pharmaceuticals by 20.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 114,721 shares of the company’s stock valued at $1,182,000 after buying an additional 19,500 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Phathom Pharmaceuticals by 42.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company’s stock worth $104,000 after purchasing an additional 2,987 shares during the period. Rhumbline Advisers increased its holdings in shares of Phathom Pharmaceuticals by 17.1% during the 2nd quarter. Rhumbline Advisers now owns 55,178 shares of the company’s stock worth $568,000 after buying an additional 8,075 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Phathom Pharmaceuticals in the 2nd quarter worth $1,161,000. Finally, Oracle Investment Management Inc. acquired a new stake in Phathom Pharmaceuticals during the second quarter worth about $2,318,000. Hedge funds and other institutional investors 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.