Jennison Associates LLC Boosts Holdings in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)

Jennison Associates LLC lifted its stake in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) by 112.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 5,866,389 shares of the company’s stock after acquiring an additional 3,108,810 shares during the period. Jennison Associates LLC owned 0.10% of Phathom Pharmaceuticals worth $106,064,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PHAT. Quest Partners LLC purchased a new position in Phathom Pharmaceuticals during the third quarter worth approximately $197,000. Huntington National Bank increased its holdings in shares of Phathom Pharmaceuticals by 62.2% during 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 during the last quarter. Chartwell Investment Partners LLC purchased a new position in shares of Phathom Pharmaceuticals in the 3rd quarter worth $396,000. US Bancorp DE boosted its holdings 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 acquiring an additional 1,166 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its position in Phathom Pharmaceuticals by 91.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 13,134 shares of the company’s stock valued at $237,000 after acquiring an additional 6,257 shares during the period. 99.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PHAT. HC Wainwright restated a “buy” rating and issued a $28.00 price objective on shares of Phathom Pharmaceuticals in a report on Monday, August 12th. The Goldman Sachs Group raised their price target 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, Needham & Company LLC reiterated a “buy” rating and set a $26.00 price objective on shares of Phathom Pharmaceuticals in a research note on Friday, September 13th.

Phathom Pharmaceuticals Stock Performance

Shares of PHAT opened at $8.73 on Thursday. Phathom Pharmaceuticals, Inc. has a 12 month low of $6.07 and a 12 month high of $19.71. The stock’s 50-day moving average is $16.03 and its two-hundred day moving average is $13.34.

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.