Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 5.5% – Should You Sell?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price traded down 5.5% on Tuesday . The stock traded as low as $8.80 and last traded at $8.4870. 99,811 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 1,219,235 shares. The stock had previously closed at $8.98.

Wall Street Analysts Forecast Growth

PHAT has been the subject of several analyst reports. Needham & Company LLC decreased their target price on Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday. Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of Phathom Pharmaceuticals in a report on Friday. Finally, Guggenheim lowered their target price on shares of Phathom Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.43.

Phathom Pharmaceuticals Price Performance

The company has a market cap of $686.84 million, a price-to-earnings ratio of -6.59 and a beta of 0.51. The stock has a 50-day moving average price of $10.72 and a 200 day moving average price of $11.64.

Institutional Trading of Phathom Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. lifted its stake in Phathom Pharmaceuticals by 124.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 327,278 shares of the company’s stock valued at $3,551,000 after buying an additional 181,346 shares in the last quarter. Perceptive Advisors LLC acquired a new stake in shares of Phathom Pharmaceuticals during the first quarter worth $10,277,000. Avidity Partners Management LP lifted its position in Phathom Pharmaceuticals by 21.0% in the 1st quarter. Avidity Partners Management LP now owns 249,390 shares of the company’s stock valued at $2,771,000 after acquiring an additional 43,314 shares in the last quarter. EcoR1 Capital LLC bought a new stake in Phathom Pharmaceuticals in the 1st quarter valued at $6,944,000. Finally, Quantinno Capital Management LP bought a new stake in Phathom Pharmaceuticals in the 1st quarter valued at $128,000. 99.01% of the stock is currently owned by institutional investors and hedge funds.

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.