Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Down After Earnings Miss

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.64, but opened at $8.90. Phathom Pharmaceuticals shares last traded at $9.5220, with a volume of 838,716 shares traded.

The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The company had revenue of $74.27 million for the quarter, compared to analysts’ expectations of $72.70 million.

Analysts Set New Price Targets

PHAT has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research note on Wednesday, June 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.50.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its holdings in shares of Phathom Pharmaceuticals by 125.8% during the third quarter. Millennium Management LLC now owns 5,081,451 shares of the company’s stock worth $59,809,000 after buying an additional 2,830,954 shares during the last quarter. Invesco Ltd. raised its stake in Phathom Pharmaceuticals by 13.4% during the 2nd quarter. Invesco Ltd. now owns 4,140,072 shares of the company’s stock valued at $39,703,000 after acquiring an additional 489,260 shares during the last quarter. Vanguard Group Inc. raised its stake in Phathom Pharmaceuticals by 15.4% during the 3rd quarter. Vanguard Group Inc. now owns 3,215,572 shares of the company’s stock valued at $37,847,000 after acquiring an additional 428,261 shares during the last quarter. Wasatch Advisors LP lifted its position in Phathom Pharmaceuticals by 5.2% during the 3rd quarter. Wasatch Advisors LP now owns 1,537,218 shares of the company’s stock worth $18,093,000 after acquiring an additional 75,323 shares during the period. Finally, Catalys Pacific LLC lifted its position in Phathom Pharmaceuticals by 22.4% during the 4th quarter. Catalys Pacific LLC now owns 1,429,014 shares of the company’s stock worth $23,707,000 after acquiring an additional 261,900 shares during the period. Institutional investors and hedge funds own 99.01% of the company’s stock.

Phathom Pharmaceuticals Trading Down 18.8%

The firm has a 50 day simple moving average of $10.87 and a two-hundred day simple moving average of $11.76. The company has a market capitalization of $754.29 million, a PE ratio of -4.49 and a beta of 0.49.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.