Phathom Pharmaceuticals (NASDAQ:PHAT) Coverage Initiated at Raymond James Financial

Research analysts at Raymond James Financial began coverage on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “strong-buy” rating and a $28.00 price target on the stock. Raymond James Financial’s price target suggests a potential upside of 92.31% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Guggenheim reaffirmed a “buy” rating and issued a $20.00 target price on shares of Phathom Pharmaceuticals in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Wednesday, October 8th. Craig Hallum reissued a “buy” rating and issued a $22.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, October 31st. Wall Street Zen raised Phathom Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, October 18th. Finally, Barclays started coverage on Phathom Pharmaceuticals in a research report on Monday. They set an “equal weight” rating and a $16.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Phathom Pharmaceuticals Stock Down 0.1%

Shares of PHAT stock traded down $0.01 on Thursday, reaching $14.56. The company’s stock had a trading volume of 1,244,387 shares, compared to its average volume of 748,722. The company has a market capitalization of $1.04 billion, a P/E ratio of -3.81 and a beta of 0.43. Phathom Pharmaceuticals has a 12-month low of $2.21 and a 12-month high of $16.45. The stock’s 50 day simple moving average is $13.85 and its 200-day simple moving average is $11.20.

Phathom Pharmaceuticals (NASDAQ:PHAT) last posted its earnings results on Thursday, October 30th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.15. The business had revenue of $49.50 million for the quarter, compared to analysts’ expectations of $47.03 million. Research analysts expect that Phathom Pharmaceuticals will post -4.78 EPS for the current year.

Institutional Inflows and Outflows

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

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.