Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 2% – What’s Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price dropped 2% during trading on Friday . The company traded as low as $7.42 and last traded at $7.66. Approximately 435,295 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 914,114 shares. The stock had previously closed at $7.82.

Analyst Ratings Changes

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

Phathom Pharmaceuticals Price Performance

The firm has a market capitalization of $516.25 million, a PE ratio of -1.33 and a beta of 0.56. The company has a fifty day moving average of $12.27 and a 200-day moving average of $13.09.

Insider Buying and Selling

In related news, Director Frank Karbe purchased 12,500 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was bought at an average price of $7.93 per share, for a total transaction of $99,125.00. Following the purchase, the director now owns 57,000 shares in the company, valued at $452,010. The trade was a 28.09 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 24.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in PHAT. Huntington National Bank raised its position in shares of Phathom Pharmaceuticals by 62.2% in the third 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 period. Mirae Asset Global Investments Co. Ltd. lifted its position in Phathom Pharmaceuticals by 41.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock worth $43,000 after acquiring an additional 722 shares during the last quarter. US Bancorp DE boosted its holdings in Phathom Pharmaceuticals by 28.6% during the third quarter. US Bancorp DE now owns 5,248 shares of the company’s stock valued at $95,000 after acquiring an additional 1,166 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Phathom Pharmaceuticals by 42.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company’s stock valued at $104,000 after purchasing an additional 2,987 shares during the last quarter. Finally, Quest Partners LLC bought a new position in shares of Phathom Pharmaceuticals in the third quarter worth about $197,000. 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.