Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Down – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) gapped down before the market opened on Thursday . The stock had previously closed at $18.08, but opened at $16.00. Phathom Pharmaceuticals shares last traded at $15.69, with a volume of 1,900,036 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, October 8th. Barclays assumed coverage on shares of Phathom Pharmaceuticals in a report on Monday, December 8th. They issued an “equal weight” rating and a $16.00 target price on the stock. Craig Hallum reaffirmed a “buy” rating and issued a $22.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, October 31st. Raymond James Financial started coverage on Phathom Pharmaceuticals in a research note on Thursday, December 11th. They set a “strong-buy” rating and a $28.00 price objective on the stock. Finally, HC Wainwright upped their price objective on Phathom Pharmaceuticals from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Phathom Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Phathom Pharmaceuticals Stock Performance

The company’s fifty day moving average price is $15.26 and its 200-day moving average price is $12.37. The stock has a market cap of $1.11 billion, a P/E ratio of -4.11 and a beta of 0.48.

Phathom Pharmaceuticals (NASDAQ:PHAT) last posted its quarterly earnings data on Thursday, October 30th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.15. The firm had revenue of $49.50 million during the quarter, compared to analysts’ expectations of $47.03 million. Analysts anticipate that Phathom Pharmaceuticals, Inc. will post -4.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of large investors have recently bought and sold shares of PHAT. Jones Financial Companies Lllp grew its position in Phathom Pharmaceuticals by 442.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,523 shares of the company’s stock valued at $30,000 after acquiring an additional 2,058 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Phathom Pharmaceuticals during the 2nd quarter valued at about $30,000. Ameritas Investment Partners Inc. lifted its holdings in Phathom Pharmaceuticals by 39.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,311 shares of the company’s stock valued at $41,000 after buying an additional 1,216 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Phathom Pharmaceuticals by 71.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company’s stock valued at $49,000 after buying an additional 2,122 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in Phathom Pharmaceuticals by 58.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,710 shares of the company’s stock worth $55,000 after acquiring an additional 2,102 shares in the last quarter. Hedge funds and other institutional investors own 99.01% of the company’s stock.

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.