Hsbc Holdings PLC Purchases Shares of 709,695 Phathom Pharmaceuticals, Inc. $PHAT

Hsbc Holdings PLC acquired a new position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) in the 2nd quarter, HoldingsChannel reports. The firm acquired 709,695 shares of the company’s stock, valued at approximately $7,702,000.

A number of other large investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Phathom Pharmaceuticals during the second quarter valued at approximately $49,098,000. Carlyle Group Inc. purchased a new stake in Phathom Pharmaceuticals in the second quarter worth $37,940,000. Millennium Management LLC lifted its stake in Phathom Pharmaceuticals by 125.8% in the third quarter. Millennium Management LLC now owns 5,081,451 shares of the company’s stock worth $59,809,000 after acquiring an additional 2,830,954 shares during the period. Perceptive Advisors LLC bought a new stake in Phathom Pharmaceuticals in the first quarter valued at $10,277,000. Finally, EcoR1 Capital LLC bought a new stake in Phathom Pharmaceuticals in the first quarter valued at $6,944,000. 99.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Needham & Company LLC reduced their price objective on shares of Phathom Pharmaceuticals from $28.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Friday, July 17th. Guggenheim reduced their price target on shares of Phathom Pharmaceuticals from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. Barclays decreased their price target on shares of Phathom Pharmaceuticals from $18.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of Phathom Pharmaceuticals in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Phathom Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $22.86.

Phathom Pharmaceuticals Stock Up 2.7%

Shares of Phathom Pharmaceuticals stock opened at $9.18 on Friday. The company has a market cap of $742.66 million, a price-to-earnings ratio of -7.17 and a beta of 0.51. The company’s 50 day moving average is $10.19 and its 200 day moving average is $10.99. Phathom Pharmaceuticals, Inc. has a twelve month low of $8.21 and a twelve month high of $18.31.

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.