Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Down – Here’s What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $9.45, but opened at $9.02. Phathom Pharmaceuticals shares last traded at $9.64, with a volume of 266,358 shares.

Analyst Ratings Changes

A number of brokerages recently commented on PHAT. The Goldman Sachs Group raised their target price on Phathom Pharmaceuticals from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Needham & Company LLC restated a “buy” rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, September 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research note on Monday, August 12th.

Phathom Pharmaceuticals Trading Up 1.3 %

The firm has a market cap of $654.40 million, a PE ratio of -1.66 and a beta of 0.72. The business has a fifty day moving average price of $15.83 and a 200 day moving average price of $13.31.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank boosted its holdings in shares of Phathom Pharmaceuticals by 62.2% in the 3rd quarter. Huntington National Bank now owns 1,471 shares of the company’s stock valued at $27,000 after buying an additional 564 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Phathom Pharmaceuticals by 41.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock valued at $43,000 after acquiring an additional 722 shares during the last quarter. US Bancorp DE boosted 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 acquiring an additional 1,166 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Phathom Pharmaceuticals by 42.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company’s stock valued at $104,000 after acquiring an additional 2,987 shares in the last quarter. Finally, Quest Partners LLC purchased a new position in shares of Phathom Pharmaceuticals during the third quarter worth about $197,000. 99.01% of the stock is currently owned by hedge funds and other 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.