Needham & Company LLC Reaffirms Buy Rating for Phathom Pharmaceuticals (NASDAQ:PHAT)

Needham & Company LLC reissued their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research report report published on Friday morning, Benzinga reports. The brokerage currently has a $26.00 target price on the stock.

Phathom Pharmaceuticals Stock Up 0.9 %

Shares of NASDAQ:PHAT opened at $9.18 on Friday. Phathom Pharmaceuticals has a 52 week low of $6.07 and a 52 week high of $17.02. The company has a 50 day moving average price of $9.85 and a two-hundred day moving average price of $8.70.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its earnings results on Thursday, March 7th. The company reported ($0.80) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.12. The firm had revenue of $0.68 million during the quarter, compared to the consensus estimate of $0.93 million. During the same period in the previous year, the company posted ($1.33) EPS. As a group, equities research analysts anticipate that Phathom Pharmaceuticals will post -4.22 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Molly Henderson sold 3,435 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $11.10, for a total value of $38,128.50. Following the completion of the transaction, the chief financial officer now owns 95,263 shares in the company, valued at $1,057,419.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Molly Henderson sold 3,435 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $11.10, for a total value of $38,128.50. Following the completion of the transaction, the chief financial officer now owns 95,263 shares in the company, valued at $1,057,419.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Terrie Curran sold 16,851 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $9.11, for a total transaction of $153,512.61. Following the completion of the transaction, the insider now owns 410,784 shares of the company’s stock, valued at approximately $3,742,242.24. The disclosure for this sale can be found here. Corporate insiders own 24.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PHAT. China Universal Asset Management Co. Ltd. boosted its holdings in Phathom Pharmaceuticals by 355.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 6,626 shares of the company’s stock worth $60,000 after purchasing an additional 5,171 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Phathom Pharmaceuticals by 371.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,429 shares of the company’s stock worth $87,000 after purchasing an additional 6,641 shares during the last quarter. DAVENPORT & Co LLC acquired a new position in Phathom Pharmaceuticals during the fourth quarter worth $91,000. Public Employees Retirement System of Ohio acquired a new position in Phathom Pharmaceuticals during the third quarter worth $92,000. Finally, Principal Financial Group Inc. boosted its holdings in Phathom Pharmaceuticals by 11.9% during the third quarter. Principal Financial Group Inc. now owns 11,801 shares of the company’s stock worth $122,000 after purchasing an additional 1,259 shares during the last quarter. Institutional investors and hedge funds own 99.01% of the company’s stock.

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.