Propel Bio Management LLC Sells 370,000 Shares of Phathom Pharmaceuticals, Inc. $PHAT

Propel Bio Management LLC decreased its holdings in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) by 40.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 552,927 shares of the company’s stock after selling 370,000 shares during the period. Phathom Pharmaceuticals makes up about 6.5% of Propel Bio Management LLC’s portfolio, making the stock its 6th biggest position. Propel Bio Management LLC owned about 0.78% of Phathom Pharmaceuticals worth $6,508,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PHAT. AIGH Capital Management LLC bought a new position in Phathom Pharmaceuticals in the third quarter valued at about $5,049,000. Frazier Life Sciences Management L.P. boosted its stake in shares of Phathom Pharmaceuticals by 23.3% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 12,466,489 shares of the company’s stock valued at $119,554,000 after purchasing an additional 2,357,210 shares in the last quarter. Persistent Asset Partners Ltd acquired a new stake in shares of Phathom Pharmaceuticals in the 2nd quarter valued at approximately $90,000. 683 Capital Management LLC grew its holdings in shares of Phathom Pharmaceuticals by 45.7% during the 2nd quarter. 683 Capital Management LLC now owns 2,105,000 shares of the company’s stock valued at $20,187,000 after purchasing an additional 660,000 shares during the last quarter. Finally, Entropy Technologies LP acquired a new position in Phathom Pharmaceuticals during the 2nd quarter worth approximately $111,000. Institutional investors and hedge funds own 99.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Guggenheim increased their price objective on shares of Phathom Pharmaceuticals from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Raymond James Financial initiated coverage on Phathom Pharmaceuticals in a research note on Thursday, December 11th. They issued a “strong-buy” rating and a $28.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Phathom Pharmaceuticals in a report on Wednesday, January 14th. Stifel Nicolaus set a $28.00 price objective on Phathom Pharmaceuticals in a research report on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.25.

Phathom Pharmaceuticals Stock Performance

PHAT stock opened at $11.06 on Thursday. Phathom Pharmaceuticals, Inc. has a 52-week low of $2.21 and a 52-week high of $18.31. The company has a market capitalization of $871.53 million, a P/E ratio of -3.61 and a beta of 0.51. The company has a fifty day moving average price of $13.91 and a 200-day moving average price of $13.51.

Phathom Pharmaceuticals (NASDAQ:PHAT) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The company had revenue of $57.58 million during the quarter, compared to analyst estimates of $57.44 million. As a group, sell-side analysts forecast that Phathom Pharmaceuticals, Inc. will post -4.78 earnings per share for the current fiscal year.

Phathom Pharmaceuticals Profile

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.