Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 6.9% – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price fell 6.9% during mid-day trading on Thursday . The company traded as low as $7.54 and last traded at $7.56. 446,563 shares traded hands during trading, a decline of 52% from the average session volume of 920,981 shares. The stock had previously closed at $8.12.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PHAT shares. HC Wainwright restated a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Thursday, December 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 target price on shares of Phathom Pharmaceuticals in a report on Wednesday, December 11th.

Phathom Pharmaceuticals Stock Up 5.6 %

The stock has a market cap of $529.24 million, a P/E ratio of -1.36 and a beta of 0.56. The company’s 50 day moving average price is $10.47 and its 200-day moving average price is $12.86.

Insider Buying and Selling

In related news, Director Frank Karbe bought 12,500 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average cost of $7.93 per share, with a total value of $99,125.00. Following the completion of the purchase, the director now directly owns 57,000 shares in the company, 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 hyperlink. 24.10% of the stock is owned by insiders.

Institutional Trading of Phathom Pharmaceuticals

Several large investors have recently made changes to their positions in the company. Huntington National Bank lifted its holdings in shares of Phathom Pharmaceuticals by 62.2% in the third quarter. Huntington National Bank now owns 1,471 shares of the company’s stock valued at $27,000 after purchasing an additional 564 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Phathom Pharmaceuticals by 41.3% during the 3rd 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 grew its stake 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 worth $95,000 after acquiring an additional 1,166 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of 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 purchasing an additional 2,987 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Phathom Pharmaceuticals by 10.6% during the second quarter. The Manufacturers Life Insurance Company now owns 13,941 shares of the company’s stock worth $144,000 after purchasing an additional 1,339 shares during the last quarter. 99.01% of the stock is currently owned by institutional investors and hedge funds.

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.