Phathom Pharmaceuticals (NASDAQ:PHAT) Sets New 52-Week Low – Here’s Why

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) hit a new 52-week low during trading on Wednesday . The stock traded as low as $7.31 and last traded at $7.2670, with a volume of 151397 shares. The stock had previously closed at $7.76.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Craig Hallum restated a “buy” rating and issued a $20.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, July 31st. Needham & Company LLC decreased their price objective 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. Leerink Partners assumed coverage on shares of Phathom Pharmaceuticals in a research report on Wednesday, September 9th. They issued a “market perform” rating and a $10.00 price objective for the company. Barclays reduced their target price on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Phathom Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $21.25.

Phathom Pharmaceuticals Stock Performance

The business’s 50-day moving average is $9.32 and its two-hundred day moving average is $10.57. The firm has a market capitalization of $575.44 million, a price-to-earnings ratio of -5.55 and a beta of 0.51.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Several large investors have recently modified their holdings of the business. Opaleye Management Inc. acquired a new position in Phathom Pharmaceuticals during the 2nd quarter worth approximately $2,014,000. Engineers Gate Manager LP lifted its position in Phathom Pharmaceuticals by 60.1% during the 2nd quarter. Engineers Gate Manager LP now owns 118,257 shares of the company’s stock worth $1,283,000 after buying an additional 44,409 shares in the last quarter. NewEdge Advisors LLC lifted its position in Phathom Pharmaceuticals by 11.5% during the 2nd quarter. NewEdge Advisors LLC now owns 203,962 shares of the company’s stock worth $2,213,000 after buying an additional 20,962 shares in the last quarter. Pale Fire Capital SE acquired a new position in shares of Phathom Pharmaceuticals during the 2nd quarter worth about $539,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Phathom Pharmaceuticals during the 2nd quarter worth about $7,702,000. 99.01% of the stock is currently owned by institutional investors.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company’s primary product is Voquezna (vonoprazan), a potassium-competitive acid blocker designed to suppress gastric acid production through a mechanism distinct from traditional proton pump inhibitors.

In the United States, Voquezna is approved for use in combination regimens to eradicate Helicobacter pylori (H. pylori) infection in adults.