Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Up After Analyst Upgrade

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price gapped up before the market opened on Friday after Barclays upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $10.79, but opened at $11.26. Barclays now has a $18.00 price target on the stock, up from their previous price target of $16.00. Phathom Pharmaceuticals shares last traded at $10.6950, with a volume of 341,488 shares traded.

Other equities analysts also recently issued reports about the stock. Guggenheim lifted their price objective on shares of Phathom Pharmaceuticals from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Thursday, January 22nd. Raymond James Financial initiated coverage on shares of Phathom Pharmaceuticals in a research report on Thursday, December 11th. They issued a “strong-buy” rating and a $28.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, January 14th. Finally, Stifel Nicolaus set a $28.00 target price on Phathom Pharmaceuticals in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Phathom Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in Phathom Pharmaceuticals by 0.8% in the second quarter. JPMorgan Chase & Co. now owns 138,516 shares of the company’s stock worth $1,328,000 after acquiring an additional 1,123 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Phathom Pharmaceuticals by 39.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,311 shares of the company’s stock worth $41,000 after purchasing an additional 1,216 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Phathom Pharmaceuticals by 9.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,826 shares of the company’s stock worth $152,000 after purchasing an additional 1,364 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Phathom Pharmaceuticals in the 4th quarter worth approximately $27,000. Finally, AQR Capital Management LLC lifted its stake in Phathom Pharmaceuticals by 3.5% in the fourth quarter. AQR Capital Management LLC now owns 54,448 shares of the company’s stock valued at $903,000 after purchasing an additional 1,819 shares during the last quarter. Institutional investors own 99.01% of the company’s stock.

Phathom Pharmaceuticals Stock Down 0.8%

The firm has a 50 day moving average of $12.15 and a 200 day moving average of $13.39. The firm has a market cap of $843.86 million, a PE ratio of -3.50 and a beta of 0.51.

Phathom Pharmaceuticals (NASDAQ:PHAT) last released its earnings results on Thursday, February 26th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.01. The firm had revenue of $57.58 million during the quarter, compared to analysts’ expectations of $57.44 million. On average, research analysts anticipate that Phathom Pharmaceuticals, Inc. will post -4.78 EPS for the current year.

Phathom Pharmaceuticals Company Profile

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.