Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Up on Analyst Upgrade

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares gapped up prior to trading on Friday after Barclays upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $10.79, but opened at $11.26. Barclays now has a $18.00 price target on the stock, up from their previous price target of $16.00. Phathom Pharmaceuticals shares last traded at $10.6950, with a volume of 341,488 shares changing hands.

Several other analysts have also weighed in on PHAT. Cantor Fitzgerald reiterated an “overweight” rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, January 14th. Guggenheim raised their price target on shares of Phathom Pharmaceuticals from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Stifel Nicolaus set a $28.00 price target on shares of Phathom Pharmaceuticals in a research note on Thursday, February 26th. Raymond James Financial started coverage on shares of Phathom Pharmaceuticals in a report on Thursday, December 11th. They set a “strong-buy” rating and a $28.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Phathom Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $22.50.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Frazier Life Sciences Management L.P. grew its holdings in shares of Phathom Pharmaceuticals by 23.3% during the second quarter. Frazier Life Sciences Management L.P. now owns 12,466,489 shares of the company’s stock valued at $119,554,000 after buying an additional 2,357,210 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Phathom Pharmaceuticals by 125.8% in the 3rd quarter. Millennium Management LLC now owns 5,081,451 shares of the company’s stock worth $59,809,000 after acquiring an additional 2,830,954 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Phathom Pharmaceuticals by 13.4% in the 2nd quarter. Invesco Ltd. now owns 4,140,072 shares of the company’s stock worth $39,703,000 after acquiring an additional 489,260 shares during the last quarter. Vanguard Group Inc. lifted its position in Phathom Pharmaceuticals by 15.4% in the 3rd quarter. Vanguard Group Inc. now owns 3,215,572 shares of the company’s stock valued at $37,847,000 after acquiring an additional 428,261 shares in the last quarter. Finally, 683 Capital Management LLC lifted its position in Phathom Pharmaceuticals by 45.7% in the 2nd quarter. 683 Capital Management LLC now owns 2,105,000 shares of the company’s stock valued at $20,187,000 after acquiring an additional 660,000 shares in the last quarter. Institutional investors and hedge funds own 99.01% of the company’s stock.

Phathom Pharmaceuticals Stock Performance

The business has a 50 day simple moving average of $12.08 and a 200-day simple moving average of $13.38. The firm has a market cap of $833.70 million, a price-to-earnings ratio of -3.46 and a beta of 0.51.

Phathom Pharmaceuticals (NASDAQ:PHAT) last issued its earnings results on Thursday, February 26th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $57.58 million during the quarter, compared to the consensus estimate of $57.44 million. As a group, research analysts anticipate that Phathom Pharmaceuticals, Inc. will post -4.78 earnings per share for the current year.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.