Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 9.7% – Here’s What Happened

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shares traded down 9.7% during mid-day trading on Monday . The stock traded as low as $8.46 and last traded at $8.06. 4,601,930 shares were traded during mid-day trading, an increase of 224% from the average session volume of 1,418,347 shares. The stock had previously closed at $8.92.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Guggenheim reduced their target price on Phathom Pharmaceuticals from $18.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price on shares of Phathom Pharmaceuticals in a report on Friday. HC Wainwright reiterated a “buy” rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Monday. Cantor Fitzgerald upgraded shares of Phathom Pharmaceuticals to a “strong-buy” rating in a research report on Tuesday, February 25th. Finally, The Goldman Sachs Group reduced their target price on Phathom Pharmaceuticals from $10.00 to $5.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $17.50.

Phathom Pharmaceuticals Trading Down 2.2%

The stock has a market capitalization of $608.92 million, a price-to-earnings ratio of -1.54 and a beta of 0.08. The company’s 50-day simple moving average is $4.14 and its 200-day simple moving average is $5.87.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Phathom Pharmaceuticals by 797.2% during the 1st quarter. GAMMA Investing LLC now owns 4,558 shares of the company’s stock valued at $29,000 after acquiring an additional 4,050 shares during the period. CWM LLC increased its stake in Phathom Pharmaceuticals by 20,997.1% in the first quarter. CWM LLC now owns 7,384 shares of the company’s stock valued at $46,000 after purchasing an additional 7,349 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Phathom Pharmaceuticals during the fourth quarter valued at about $74,000. Teacher Retirement System of Texas bought a new position in shares of Phathom Pharmaceuticals during the 4th quarter worth about $90,000. Finally, Rafferty Asset Management LLC acquired a new stake in shares of Phathom Pharmaceuticals in the 4th quarter valued at about $90,000. Institutional investors own 99.01% of the company’s stock.

Phathom Pharmaceuticals Company Profile

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.