Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 6.4% – What’s Next?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price traded down 6.4% during trading on Monday . The stock traded as low as $8.30 and last traded at $8.35. 358,546 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 1,545,372 shares. The stock had previously closed at $8.92.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Guggenheim lowered their price target on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. The Goldman Sachs Group decreased their price objective on shares of Phathom Pharmaceuticals from $10.00 to $5.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. HC Wainwright reiterated a “buy” rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a report on Monday, June 9th. Craig Hallum lifted their price target on shares of Phathom Pharmaceuticals from $12.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $17.50.

Phathom Pharmaceuticals Trading Down 7.3%

The firm has a market cap of $577.05 million, a P/E ratio of -1.58 and a beta of 0.45. The business’s 50-day moving average is $6.25 and its two-hundred day moving average is $6.02.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in Phathom Pharmaceuticals by 797.2% during the first quarter. GAMMA Investing LLC now owns 4,558 shares of the company’s stock valued at $29,000 after purchasing an additional 4,050 shares during the last quarter. CWM LLC lifted its stake in shares of Phathom Pharmaceuticals by 20,997.1% in the 1st quarter. CWM LLC now owns 7,384 shares of the company’s stock valued at $46,000 after purchasing an additional 7,349 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Phathom Pharmaceuticals in the fourth quarter worth about $74,000. Teacher Retirement System of Texas acquired a new stake in shares of Phathom Pharmaceuticals in the fourth quarter worth about $90,000. Finally, Rafferty Asset Management LLC acquired a new stake in Phathom Pharmaceuticals in the 4th quarter worth approximately $90,000. Institutional investors and hedge funds own 99.01% of the company’s stock.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals, Inc, biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada for an investigational potassium-competitive acid blocker (P-CAB) that blocks acid secretion in the stomach.