Simplify Asset Management Inc. Has $2.92 Million Stake in Phathom Pharmaceuticals, Inc. $PHAT

Simplify Asset Management Inc. lowered its position in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) by 18.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 262,386 shares of the company’s stock after selling 59,549 shares during the quarter. Simplify Asset Management Inc. owned about 0.33% of Phathom Pharmaceuticals worth $2,915,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PHAT. Millennium Management LLC grew its holdings in shares of 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 buying an additional 2,830,954 shares during the last quarter. Invesco Ltd. raised 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 acquiring an additional 489,260 shares during the last quarter. Vanguard Group Inc. raised 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 acquiring an additional 428,261 shares during the last quarter. Wasatch Advisors LP lifted its position in Phathom Pharmaceuticals by 5.2% in the 3rd quarter. Wasatch Advisors LP now owns 1,537,218 shares of the company’s stock valued at $18,093,000 after acquiring an additional 75,323 shares in the last quarter. Finally, Catalys Pacific LLC lifted its position in Phathom Pharmaceuticals by 22.4% in the 4th quarter. Catalys Pacific LLC now owns 1,429,014 shares of the company’s stock valued at $23,707,000 after acquiring an additional 261,900 shares in the last quarter. 99.01% of the stock is currently owned by institutional investors.

Phathom Pharmaceuticals Price Performance

Shares of PHAT stock opened at $11.20 on Friday. The firm has a market cap of $893.31 million, a P/E ratio of -5.28 and a beta of 0.49. The company has a 50 day moving average of $11.07 and a 200-day moving average of $12.45. Phathom Pharmaceuticals, Inc. has a 12-month low of $7.61 and a 12-month high of $18.31.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PHAT. Barclays raised Phathom Pharmaceuticals from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $16.00 to $18.00 in a report on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Tuesday, April 21st. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of Phathom Pharmaceuticals in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.50.

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.