Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Down on Disappointing Earnings

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.64, but opened at $8.90. Phathom Pharmaceuticals shares last traded at $9.5220, with a volume of 838,716 shares.

The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The business had revenue of $74.27 million during the quarter, compared to the consensus estimate of $72.70 million.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Friday, July 17th. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.50.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Large investors have recently made changes to their positions in the stock. Millennium Management LLC raised its position in Phathom Pharmaceuticals by 125.8% in the third quarter. Millennium Management LLC now owns 5,081,451 shares of the company’s stock valued at $59,809,000 after purchasing an additional 2,830,954 shares during the period. Invesco Ltd. boosted its position in shares of Phathom Pharmaceuticals by 13.4% during the second quarter. Invesco Ltd. now owns 4,140,072 shares of the company’s stock worth $39,703,000 after buying an additional 489,260 shares during the period. Vanguard Group Inc. grew its stake in shares of Phathom Pharmaceuticals by 15.4% in the third quarter. Vanguard Group Inc. now owns 3,215,572 shares of the company’s stock valued at $37,847,000 after buying an additional 428,261 shares in the last quarter. Wasatch Advisors LP raised its holdings in shares of Phathom Pharmaceuticals by 5.2% in the 3rd quarter. Wasatch Advisors LP now owns 1,537,218 shares of the company’s stock valued at $18,093,000 after buying an additional 75,323 shares during the period. Finally, Catalys Pacific LLC raised its holdings in shares of Phathom Pharmaceuticals by 22.4% in the 4th quarter. Catalys Pacific LLC now owns 1,429,014 shares of the company’s stock valued at $23,707,000 after buying an additional 261,900 shares during the period. 99.01% of the stock is currently owned by institutional investors and hedge funds.

Phathom Pharmaceuticals Stock Performance

The company has a 50 day moving average of $10.87 and a 200-day moving average of $11.76. The stock has a market cap of $754.29 million, a price-to-earnings ratio of -4.49 and a beta of 0.49.

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.