Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 6.9% - Time to Sell?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT - Get Free Report) fell 6.9% during mid-day trading on Thursday . The stock traded as low as $7.54 and last traded at $7.56. 446,563 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 920,981 shares. The stock had previously closed at $8.12.

Analyst Upgrades and Downgrades

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

Phathom Pharmaceuticals Trading Down 9.7 %

The company's 50-day moving average is $10.81 and its 200 day moving average is $12.93. The firm has a market cap of $501.20 million, a PE ratio of -1.29 and a beta of 0.56.

Insider Transactions at Phathom Pharmaceuticals

In other Phathom Pharmaceuticals news, Director Frank Karbe bought 12,500 shares of the company's stock in a transaction dated Friday, December 13th. The shares were bought at an average price of $7.93 per share, for a total transaction of $99,125.00. Following the acquisition, the director now directly owns 57,000 shares of the company's stock, valued at approximately $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 SEC, which can be accessed through this hyperlink. 24.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank lifted its position in Phathom Pharmaceuticals by 62.2% in the 3rd quarter. Huntington National Bank now owns 1,471 shares of the company's stock worth $27,000 after buying an additional 564 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Phathom Pharmaceuticals by 41.3% during 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 last quarter. US Bancorp DE grew its stake in Phathom Pharmaceuticals by 28.6% in the third quarter. US Bancorp DE now owns 5,248 shares of the company's stock valued at $95,000 after purchasing an additional 1,166 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Phathom Pharmaceuticals by 10.6% in the 2nd 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 last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Phathom Pharmaceuticals by 42.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company's stock worth $104,000 after purchasing an additional 2,987 shares during the last quarter. 99.01% of the stock is 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.