Phathom Pharmaceuticals (NASDAQ:PHAT) Trading Down 4.6% – Time to Sell?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) was down 4.6% during trading on Wednesday . The stock traded as low as $8.50 and last traded at $8.52. Approximately 112,412 shares traded hands during trading, a decline of 88% from the average daily volume of 907,515 shares. The stock had previously closed at $8.93.

Analyst Upgrades and Downgrades

Separately, Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Wednesday.

Phathom Pharmaceuticals Stock Performance

The stock has a fifty day moving average of $13.46 and a 200-day moving average of $13.23. The company has a market cap of $576.42 million, a PE ratio of -1.44 and a beta of 0.56.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PHAT. Jennison Associates LLC increased its position in shares of Phathom Pharmaceuticals by 112.7% during the third quarter. Jennison Associates LLC now owns 5,866,389 shares of the company’s stock worth $106,064,000 after acquiring an additional 3,108,810 shares during the period. FMR LLC increased its holdings in Phathom Pharmaceuticals by 49,000.7% during the 3rd 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 period. Checkpoint Capital L.P. raised its position 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 purchasing an additional 629,307 shares in the last quarter. Portolan Capital Management LLC lifted its holdings in shares of Phathom Pharmaceuticals by 50.4% in the 3rd quarter. Portolan Capital Management LLC now owns 1,699,918 shares of the company’s stock worth $30,735,000 after buying an additional 569,829 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Phathom Pharmaceuticals during the 3rd quarter worth $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.