Phathom Pharmaceuticals (NASDAQ:PHAT) Price Target Cut to $22.00 by Analysts at Needham & Company LLC

Phathom Pharmaceuticals (NASDAQ:PHAT) had its price target decreased by investment analysts at Needham & Company LLC from $28.00 to $22.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 146.17% from the company’s previous close.

Several other equities research analysts have also commented on the company. HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of Phathom Pharmaceuticals in a research note on Wednesday, June 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.14.

Phathom Pharmaceuticals Trading Down 23.2%

PHAT stock traded down $2.70 during midday trading on Thursday, hitting $8.94. The company’s stock had a trading volume of 5,663,614 shares, compared to its average volume of 1,195,324. Phathom Pharmaceuticals has a 12 month low of $8.02 and a 12 month high of $18.31. The firm’s 50-day moving average is $10.87 and its 200-day moving average is $11.76. The company has a market cap of $712.82 million, a PE ratio of -4.21 and a beta of 0.49.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its earnings results on Thursday, July 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The business had revenue of $74.27 million during the quarter, compared to analyst estimates of $72.70 million. Analysts expect that Phathom Pharmaceuticals will post -0.25 earnings per share for the current year.

Institutional Inflows and Outflows

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

Phathom Pharmaceuticals Company 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.