Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Up After Analyst Upgrade

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price gapped up prior to trading on Friday after Barclays upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $10.79, but opened at $11.26. Barclays now has a $18.00 price target on the stock, up from their previous price target of $16.00. Phathom Pharmaceuticals shares last traded at $10.6950, with a volume of 341,488 shares changing hands.

Several other equities analysts also recently weighed in on the stock. Stifel Nicolaus set a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Thursday, January 22nd. Guggenheim lifted 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 began coverage on shares of Phathom Pharmaceuticals in a report on Thursday, December 11th. They set a “strong-buy” rating and a $28.00 target price on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Phathom Pharmaceuticals in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Institutional Trading of Phathom Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AIGH Capital Management LLC bought a new position in Phathom Pharmaceuticals in the 3rd quarter valued at $5,049,000. Frazier Life Sciences Management L.P. increased its holdings in shares of Phathom Pharmaceuticals by 23.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 12,466,489 shares of the company’s stock worth $119,554,000 after purchasing an additional 2,357,210 shares during the period. 683 Capital Management LLC raised its position in shares of Phathom Pharmaceuticals by 45.7% in the second quarter. 683 Capital Management LLC now owns 2,105,000 shares of the company’s stock worth $20,187,000 after buying an additional 660,000 shares in the last quarter. GW&K Investment Management LLC boosted its stake in Phathom Pharmaceuticals by 9.1% during the third quarter. GW&K Investment Management LLC now owns 1,144,330 shares of the company’s stock valued at $13,469,000 after buying an additional 95,858 shares during the period. Finally, Entropy Technologies LP bought a new stake in Phathom Pharmaceuticals during the second quarter valued at $111,000. Institutional investors own 99.01% of the company’s stock.

Phathom Pharmaceuticals Stock Down 0.8%

The firm has a market capitalization of $843.86 million, a PE ratio of -3.50 and a beta of 0.51. The company has a 50-day moving average of $12.15 and a 200 day moving average of $13.39.

Phathom Pharmaceuticals (NASDAQ:PHAT) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. The business had revenue of $57.58 million during the quarter, compared to analysts’ expectations of $57.44 million. As a group, equities analysts anticipate that Phathom Pharmaceuticals, Inc. will post -4.78 EPS for the current fiscal year.

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.