Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 7.5% - Here's What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) traded down 7.5% during trading on Monday . The stock traded as low as $15.86 and last traded at $15.96. 372,376 shares changed hands during trading, a decline of 54% from the average session volume of 801,016 shares. The stock had previously closed at $17.25.

Analyst Upgrades and Downgrades

PHAT has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $26.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, September 13th. The Goldman Sachs Group raised their price objective on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the company a "neutral" rating in a research report on Friday, August 9th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a report on Monday, August 12th.

Phathom Pharmaceuticals Price Performance

The company has a 50 day simple moving average of $15.33 and a 200-day simple moving average of $12.22. The firm has a market cap of $959.40 million, a PE ratio of -3.58 and a beta of 0.71.

Phathom Pharmaceuticals (NASDAQ:PHAT - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($1.35) earnings per share for the quarter, topping analysts' consensus estimates of ($1.39) by $0.04. The business had revenue of $7.32 million during the quarter, compared to the consensus estimate of $5.65 million. On average, sell-side analysts predict that Phathom Pharmaceuticals, Inc. will post -6.03 EPS for the current fiscal year.

Insider Buying and Selling at Phathom Pharmaceuticals

In other news, insider Terrie Curran sold 33,848 shares of Phathom Pharmaceuticals stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $11.72, for a total value of $396,698.56. Following the transaction, the insider now owns 377,734 shares in the company, valued at approximately $4,427,042.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Terrie Curran sold 33,848 shares of the firm's stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $11.72, for a total value of $396,698.56. Following the transaction, the insider now owns 377,734 shares in the company, valued at approximately $4,427,042.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Molly Henderson sold 4,325 shares of Phathom Pharmaceuticals stock in a transaction on Monday, July 15th. The stock was sold at an average price of $11.72, for a total transaction of $50,689.00. Following the completion of the transaction, the chief financial officer now directly owns 99,447 shares in the company, valued at approximately $1,165,518.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,074 shares of company stock worth $575,147 over the last three months. Company insiders own 24.10% of the company's stock.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Medicxi Ventures Management Jersey Ltd increased its holdings in Phathom Pharmaceuticals by 98.5% during the 1st quarter. Medicxi Ventures Management Jersey Ltd now owns 7,464,572 shares of the company's stock valued at $79,274,000 after purchasing an additional 3,703,703 shares during the period. Vanguard Group Inc. increased its stake in shares of Phathom Pharmaceuticals by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,979,113 shares of the company's stock valued at $21,018,000 after buying an additional 22,684 shares during the period. Avidity Partners Management LP raised its holdings in shares of Phathom Pharmaceuticals by 6.4% during the fourth quarter. Avidity Partners Management LP now owns 1,721,580 shares of the company's stock valued at $15,718,000 after acquiring an additional 104,280 shares in the last quarter. Jennison Associates LLC purchased a new stake in Phathom Pharmaceuticals in the first quarter worth $17,499,000. Finally, Propel Bio Management LLC boosted its holdings in Phathom Pharmaceuticals by 96.4% in the first quarter. Propel Bio Management LLC now owns 869,927 shares of the company's stock valued at $9,239,000 after acquiring an additional 426,880 shares in the last quarter. 99.01% of the stock is owned by institutional investors.

Phathom Pharmaceuticals Company Profile

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.