Phathom Pharmaceuticals (NASDAQ:PHAT) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research report sent to investors on Friday, Benzinga reports. They currently have a $26.00 target price on the stock.

Phathom Pharmaceuticals Price Performance

Shares of Phathom Pharmaceuticals stock opened at $9.01 on Friday. The business’s fifty day moving average price is $9.70 and its two-hundred day moving average price is $8.72. The company has a market capitalization of $527.27 million, a P/E ratio of -2.32 and a beta of 0.63. Phathom Pharmaceuticals has a 1-year low of $6.07 and a 1-year high of $17.02.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.12. The firm had revenue of $0.68 million for the quarter, compared to analyst estimates of $0.93 million. During the same quarter last year, the business posted ($1.33) earnings per share. On average, research analysts expect that Phathom Pharmaceuticals will post -4.22 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Pharmaceutical Co Ltd Takeda sold 3,703,703 shares of Phathom Pharmaceuticals stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $8.10, for a total transaction of $29,999,994.30. Following the transaction, the insider now directly owns 3,755,583 shares in the company, valued at approximately $30,420,222.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Molly Henderson sold 3,435 shares of Phathom Pharmaceuticals stock in a transaction on Monday, April 8th. The stock was sold at an average price of $11.10, for a total value of $38,128.50. Following the transaction, the chief financial officer now directly owns 95,263 shares in the company, valued at approximately $1,057,419.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Pharmaceutical Co Ltd Takeda sold 3,703,703 shares of Phathom Pharmaceuticals stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $8.10, for a total value of $29,999,994.30. Following the completion of the transaction, the insider now owns 3,755,583 shares in the company, valued at $30,420,222.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,723,989 shares of company stock worth $30,191,635. 24.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. grew its holdings in shares of Phathom Pharmaceuticals by 355.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 6,626 shares of the company’s stock worth $60,000 after acquiring an additional 5,171 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Phathom Pharmaceuticals by 2.6% in the 3rd quarter. Invesco Ltd. now owns 3,418,959 shares of the company’s stock worth $35,455,000 after acquiring an additional 86,822 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Phathom Pharmaceuticals by 10.3% in the third quarter. Vanguard Group Inc. now owns 1,922,662 shares of the company’s stock worth $19,938,000 after buying an additional 180,325 shares during the period. Algert Global LLC acquired a new stake in shares of Phathom Pharmaceuticals in the third quarter worth $952,000. Finally, Wellington Management Group LLP boosted its position in shares of Phathom Pharmaceuticals by 1.8% in the third quarter. Wellington Management Group LLP now owns 99,810 shares of the company’s stock worth $1,035,000 after buying an additional 1,797 shares during the period. 99.01% of the stock is currently 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.