Simplify Asset Management Inc. Reduces Position in Phathom Pharmaceuticals, Inc. $PHAT

Simplify Asset Management Inc. lessened its holdings in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) by 18.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 262,386 shares of the company’s stock after selling 59,549 shares during the quarter. Simplify Asset Management Inc.’s holdings in Phathom Pharmaceuticals were worth $2,915,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PHAT. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Phathom Pharmaceuticals during the 4th quarter valued at approximately $27,000. Raymond James Financial Inc. bought a new stake in Phathom Pharmaceuticals during the 2nd quarter valued at $30,000. Kestra Advisory Services LLC purchased a new stake in Phathom Pharmaceuticals during the 4th quarter worth about $38,000. BNP Paribas Financial Markets increased its position in shares of Phathom Pharmaceuticals by 71.9% during the second quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company’s stock valued at $49,000 after buying an additional 2,122 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Phathom Pharmaceuticals by 58.3% in the second quarter. Tower Research Capital LLC TRC now owns 5,710 shares of the company’s stock valued at $55,000 after acquiring an additional 2,102 shares during the period. Institutional investors own 99.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PHAT. Barclays raised shares of Phathom Pharmaceuticals from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $16.00 to $18.00 in a report on Friday, March 27th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of Phathom Pharmaceuticals in a report on Wednesday, June 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.50.

Phathom Pharmaceuticals Stock Performance

PHAT opened at $11.20 on Friday. Phathom Pharmaceuticals, Inc. has a 12 month low of $7.61 and a 12 month high of $18.31. The business’s 50-day moving average price is $11.07 and its 200-day moving average price is $12.45. The company has a market cap of $893.31 million, a P/E ratio of -5.28 and a beta of 0.49.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals is a clinical?stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium?competitive acid blocker (P-CAB) licensed for use in the United States.