Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Up 7.1% – Time to Buy?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shot up 7.1% during mid-day trading on Thursday . The company traded as high as $8.05 and last traded at $8.03. 694,285 shares were traded during mid-day trading, a decline of 24% from the average session volume of 919,099 shares. The stock had previously closed at $7.50.

Wall Street Analysts Forecast Growth

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

Phathom Pharmaceuticals Trading Up 1.0 %

The firm’s 50-day simple moving average is $11.30 and its two-hundred day simple moving average is $12.98. The stock has a market capitalization of $559.32 million, a PE ratio of -1.44 and a beta of 0.56.

Insider Activity

In related news, Director Frank Karbe purchased 12,500 shares of Phathom Pharmaceuticals stock in a transaction dated Friday, December 13th. The stock was acquired at an average cost of $7.93 per share, with a total value of $99,125.00. Following the completion of the transaction, the director now directly owns 57,000 shares of the company’s stock, valued at $452,010. This trade represents a 28.09 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 24.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in shares of Phathom Pharmaceuticals by 366.0% during the 3rd quarter. Barclays PLC now owns 57,807 shares of the company’s stock valued at $1,044,000 after buying an additional 45,402 shares during the period. Geode Capital Management LLC raised its holdings in shares of Phathom Pharmaceuticals by 7.1% during the third quarter. Geode Capital Management LLC now owns 862,918 shares of the company’s stock worth $15,605,000 after acquiring an additional 56,871 shares in the last quarter. MML Investors Services LLC boosted its position in Phathom Pharmaceuticals by 72.8% during the third quarter. MML Investors Services LLC now owns 33,860 shares of the company’s stock valued at $612,000 after purchasing an additional 14,260 shares during the last quarter. State Street Corp grew its stake in Phathom Pharmaceuticals by 17.5% in the third quarter. State Street Corp now owns 922,788 shares of the company’s stock valued at $16,684,000 after purchasing an additional 137,539 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Phathom Pharmaceuticals in the third quarter valued at about $7,952,000. 99.01% of the stock is owned by hedge funds and other institutional investors.

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.