Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Up on Insider Buying Activity

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report)'s stock price gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $7.89, but opened at $8.45. Phathom Pharmaceuticals shares last traded at $8.20, with a volume of 122,932 shares trading hands.

Specifically, Director Frank Karbe purchased 12,500 shares of the company's stock in a transaction on Friday, December 13th. The shares were acquired at an average price of $7.93 per share, for a total transaction of $99,125.00. Following the purchase, the director now owns 57,000 shares in the company, valued at $452,010. This trade represents a 28.09 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of research firms recently commented on PHAT. HC Wainwright reaffirmed a "buy" rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a report on Thursday. Needham & Company LLC reissued a "buy" rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Wednesday, December 11th.

Phathom Pharmaceuticals Stock Performance

The firm has a market cap of $556.61 million, a PE ratio of -1.43 and a beta of 0.56. The stock has a 50 day simple moving average of $12.74 and a two-hundred day simple moving average of $13.17.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PHAT. Barclays PLC boosted its holdings in Phathom Pharmaceuticals by 366.0% during the third quarter. Barclays PLC now owns 57,807 shares of the company's stock worth $1,044,000 after buying an additional 45,402 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Phathom Pharmaceuticals by 7.1% during the 3rd quarter. Geode Capital Management LLC now owns 862,918 shares of the company's stock worth $15,605,000 after acquiring an additional 56,871 shares in the last quarter. MML Investors Services LLC boosted its stake in shares of Phathom Pharmaceuticals by 72.8% during the 3rd quarter. MML Investors Services LLC now owns 33,860 shares of the company's stock worth $612,000 after acquiring an additional 14,260 shares in the last quarter. State Street Corp grew its position in shares of Phathom Pharmaceuticals by 17.5% during the 3rd quarter. State Street Corp now owns 922,788 shares of the company's stock valued at $16,684,000 after acquiring an additional 137,539 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in shares of Phathom Pharmaceuticals in the 3rd quarter valued at about $7,952,000. 99.01% of the stock is currently owned by hedge funds and other institutional investors.

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.