Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 2% - Here's Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) fell 2% on Friday . The company traded as low as $7.42 and last traded at $7.66. 435,295 shares were traded during mid-day trading, a decline of 52% from the average session volume of 914,114 shares. The stock had previously closed at $7.82.

Analysts Set New Price Targets

PHAT has been the subject of a number of analyst reports. Needham & Company LLC restated a "buy" rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a research note on Wednesday, December 11th. HC Wainwright restated a "buy" rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research report on Thursday, December 12th.

Phathom Pharmaceuticals Stock Down 4.7 %

The stock has a market capitalization of $509.41 million, a price-to-earnings ratio of -1.31 and a beta of 0.56. The stock's 50-day simple moving average is $12.11 and its 200 day simple moving average is $13.07.

Insider Transactions at Phathom Pharmaceuticals

In other Phathom Pharmaceuticals news, Director Frank Karbe purchased 12,500 shares of the business's stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average cost of $7.93 per share, with a total value of $99,125.00. Following the completion of the acquisition, the director now directly owns 57,000 shares of the company's stock, valued at $452,010. This represents a 28.09 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 24.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake in shares of Phathom Pharmaceuticals by 20.5% during the second quarter. Bank of New York Mellon Corp now owns 114,721 shares of the company's stock valued at $1,182,000 after acquiring an additional 19,500 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Phathom Pharmaceuticals by 42.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company's stock valued at $104,000 after purchasing an additional 2,987 shares during the period. Rhumbline Advisers boosted its stake in shares of Phathom Pharmaceuticals by 17.1% in the 2nd quarter. Rhumbline Advisers now owns 55,178 shares of the company's stock valued at $568,000 after purchasing an additional 8,075 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Phathom Pharmaceuticals during the 2nd quarter worth approximately $1,161,000. Finally, Oracle Investment Management Inc. bought a new stake in shares of Phathom Pharmaceuticals during the second quarter worth approximately $2,318,000. 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.