Renaissance Technologies LLC Makes New $3.40 Million Investment in Phathom Pharmaceuticals, Inc. $PHAT

Renaissance Technologies LLC acquired a new position in shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 305,800 shares of the company’s stock, valued at approximately $3,397,000.

A number of other large investors have also recently made changes to their positions in PHAT. Caitong International Asset Management Co. Ltd acquired a new position in shares of Phathom Pharmaceuticals in the 4th quarter valued at $27,000. Raymond James Financial Inc. acquired a new stake in Phathom Pharmaceuticals during the 2nd quarter worth about $30,000. Summit Securities Group LLC acquired a new stake in Phathom Pharmaceuticals during the 1st quarter worth about $34,000. Kestra Advisory Services LLC purchased a new stake in Phathom Pharmaceuticals during the 4th quarter valued at about $38,000. Finally, BNP Paribas Financial Markets grew its stake in Phathom Pharmaceuticals by 71.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,072 shares of the company’s stock valued at $49,000 after purchasing an additional 2,122 shares during the last quarter. 99.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Guggenheim cut their price objective on Phathom Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Friday, July 31st. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Friday, July 17th. Needham & Company LLC cut their price target on shares of Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Finally, Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Phathom Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.43.

Phathom Pharmaceuticals Stock Up 1.9%

Phathom Pharmaceuticals stock opened at $8.55 on Friday. The firm has a market cap of $691.70 million, a price-to-earnings ratio of -6.68 and a beta of 0.51. Phathom Pharmaceuticals, Inc. has a 52 week low of $8.21 and a 52 week high of $18.31. The business’s 50-day moving average price is $10.56 and its 200 day moving average price is $11.48.

Phathom Pharmaceuticals 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.