Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 6.9% – Here’s What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) dropped 6.9% on Thursday . The company traded as low as $7.54 and last traded at $7.56. Approximately 446,563 shares were traded during trading, a decline of 52% from the average daily volume of 920,981 shares. The stock had previously closed at $8.12.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Thursday, December 12th. Needham & Company LLC reissued a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Wednesday, December 11th.

Phathom Pharmaceuticals Trading Down 8.1 %

The stock has a market capitalization of $510.09 million, a price-to-earnings ratio of -1.31 and a beta of 0.56. The firm’s fifty day moving average price is $10.81 and its 200 day moving average price is $12.93.

Insider Activity

In other news, Director Frank Karbe purchased 12,500 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was bought at an average price of $7.93 per share, for a total transaction of $99,125.00. Following the completion of the purchase, the director now directly owns 57,000 shares of the company’s stock, valued at $452,010. The trade was a 28.09 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 24.10% of the company’s stock.

Institutional Trading of Phathom Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Huntington National Bank raised its position 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 acquiring an additional 564 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Phathom Pharmaceuticals by 41.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock valued at $43,000 after buying an additional 722 shares in the last quarter. US Bancorp DE grew 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 buying an additional 1,166 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Phathom Pharmaceuticals by 10.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,941 shares of the company’s stock worth $144,000 after acquiring an additional 1,339 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 during the last quarter. 99.01% of the stock is currently owned by institutional investors and hedge funds.

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.