Phathom Pharmaceuticals (NASDAQ:PHAT) Reaches New 1-Year Low – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares hit a new 52-week low on Thursday . The stock traded as low as $7.66 and last traded at $7.69, with a volume of 2071393 shares traded. The stock had previously closed at $8.16.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PHAT. Leerink Partners initiated coverage on shares of Phathom Pharmaceuticals in a research note on Wednesday, September 9th. They set a “market perform” rating and a $10.00 target price on the stock. Craig Hallum reiterated a “buy” rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Barclays reduced their target price on Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Phathom Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $21.25.

Phathom Pharmaceuticals Stock Performance

The business has a 50-day simple moving average of $9.45 and a 200-day simple moving average of $10.62. The company has a market cap of $605.13 million, a price-to-earnings ratio of -5.84 and a beta of 0.51.

Institutional Trading of Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in PHAT. Carlyle Group Inc. bought a new position in Phathom Pharmaceuticals during the 2nd quarter valued at $37,940,000. Renaissance Technologies LLC bought a new position in Phathom Pharmaceuticals during the first quarter valued at about $3,397,000. SummitTX Capital L.P. grew its holdings in Phathom Pharmaceuticals by 92.3% during the first quarter. SummitTX Capital L.P. now owns 995,885 shares of the company’s stock worth $11,064,000 after acquiring an additional 478,065 shares during the period. Hennion & Walsh Asset Management Inc. raised its position in Phathom Pharmaceuticals by 124.3% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 327,278 shares of the company’s stock worth $3,551,000 after acquiring an additional 181,346 shares in the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in Phathom Pharmaceuticals in the 1st quarter valued at about $10,277,000. Institutional investors and hedge funds own 99.01% of the company’s stock.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company’s primary product is Voquezna (vonoprazan), a potassium-competitive acid blocker designed to suppress gastric acid production through a mechanism distinct from traditional proton pump inhibitors.

In the United States, Voquezna is approved for use in combination regimens to eradicate Helicobacter pylori (H. pylori) infection in adults.