Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 8.9% - Here's What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) shares fell 8.9% during trading on Friday . The company traded as low as $16.79 and last traded at $16.86. 717,235 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 821,795 shares. The stock had previously closed at $18.50.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PHAT. Needham & Company LLC reiterated a "buy" rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, September 13th. The Goldman Sachs Group lifted their target price on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the company a "neutral" rating in a report on Friday, August 9th. Finally, HC Wainwright reissued a "buy" rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Monday, August 12th.

Phathom Pharmaceuticals Price Performance

The firm has a market capitalization of $1.00 billion, a PE ratio of -3.29 and a beta of 0.72. The company's fifty day simple moving average is $17.28 and its 200-day simple moving average is $13.24.

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, beating analysts' consensus estimates of ($1.39) by $0.04. The firm had revenue of $7.32 million during the quarter, compared to analysts' expectations of $5.65 million. Analysts forecast that Phathom Pharmaceuticals, Inc. will post -6.03 earnings per share for the current year.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank grew its holdings in Phathom Pharmaceuticals by 62.2% in the 3rd quarter. Huntington National Bank now owns 1,471 shares of the company's stock valued at $27,000 after buying an additional 564 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Phathom Pharmaceuticals by 41.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company's stock valued at $43,000 after purchasing an additional 722 shares during the period. US Bancorp DE increased its position in Phathom Pharmaceuticals by 28.6% during the third quarter. US Bancorp DE now owns 5,248 shares of the company's stock worth $95,000 after purchasing an additional 1,166 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Phathom Pharmaceuticals by 10.6% during the second quarter. The Manufacturers Life Insurance Company now owns 13,941 shares of the company's stock worth $144,000 after purchasing an additional 1,339 shares during the period. Finally, Inspirion Wealth Advisors LLC boosted its holdings in Phathom Pharmaceuticals by 4.3% in the 2nd quarter. Inspirion Wealth Advisors LLC now owns 36,634 shares of the company's stock valued at $377,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 99.01% of the company's stock.

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.

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