Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Up 9.4% – Here’s Why

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price shot up 9.4% on Thursday . The company traded as high as $9.59 and last traded at $9.55. 522,166 shares traded hands during trading, a decline of 43% from the average session volume of 910,218 shares. The stock had previously closed at $8.73.

Analyst Ratings Changes

A number of research analysts have commented on PHAT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, September 13th. The Goldman Sachs Group raised their price target on Phathom Pharmaceuticals from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Finally, HC Wainwright restated a “buy” rating and issued a $28.00 price objective on shares of Phathom Pharmaceuticals in a report on Monday, August 12th.

Phathom Pharmaceuticals Trading Down 1.2 %

The firm has a 50-day simple moving average of $15.65 and a 200 day simple moving average of $13.30.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PHAT. Jennison Associates LLC raised its stake in shares of Phathom Pharmaceuticals by 112.7% in the third quarter. Jennison Associates LLC now owns 5,866,389 shares of the company’s stock worth $106,064,000 after purchasing an additional 3,108,810 shares during the last quarter. FMR LLC boosted its holdings in Phathom Pharmaceuticals by 49,000.7% in the third quarter. FMR LLC now owns 1,304,114 shares of the company’s stock worth $23,578,000 after purchasing an additional 1,301,458 shares during the last quarter. Checkpoint Capital L.P. raised its stake in Phathom Pharmaceuticals by 71.9% during the 3rd quarter. Checkpoint Capital L.P. now owns 1,504,307 shares of the company’s stock valued at $27,198,000 after buying an additional 629,307 shares during the last quarter. Portolan Capital Management LLC grew its holdings in shares of Phathom Pharmaceuticals by 50.4% in the third quarter. Portolan Capital Management LLC now owns 1,699,918 shares of the company’s stock worth $30,735,000 after acquiring an additional 569,829 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Phathom Pharmaceuticals in the third quarter valued at about $7,952,000. 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.