Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 4.6% – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price dropped 4.6% during trading on Wednesday . The stock traded as low as $8.50 and last traded at $8.52. Approximately 112,412 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 907,515 shares. The stock had previously closed at $8.93.

Analyst Ratings Changes

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Wednesday.

Phathom Pharmaceuticals Stock Performance

The business has a 50 day moving average of $13.46 and a two-hundred day moving average of $13.23. The stock has a market capitalization of $576.42 million, a PE ratio of -1.44 and a beta of 0.56.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Huntington National Bank increased its position in Phathom Pharmaceuticals by 62.2% during 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. grew its stake in shares of 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 worth $43,000 after acquiring an additional 722 shares during the last quarter. US Bancorp DE raised its position in shares of Phathom Pharmaceuticals by 28.6% in the 3rd 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 in the last quarter. Finally, Quest Partners LLC purchased a new stake in Phathom Pharmaceuticals during the 3rd quarter worth approximately $197,000. Hedge funds and other institutional investors own 99.01% of the company’s stock.

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.