Phathom Pharmaceuticals (NASDAQ:PHAT) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research report released on Friday morning, Benzinga reports. The firm currently has a $26.00 price target on the stock.

Several other analysts have also issued reports on the company. Stifel Nicolaus started coverage on Phathom Pharmaceuticals in a research note on Friday, May 3rd. They issued a buy rating and a $24.00 price objective on the stock. HC Wainwright restated a buy rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research note on Friday, May 10th.

Phathom Pharmaceuticals Trading Up 3.7 %

Shares of PHAT opened at $11.35 on Friday. The company’s fifty day simple moving average is $10.17 and its 200 day simple moving average is $9.18. Phathom Pharmaceuticals has a 1-year low of $6.07 and a 1-year high of $17.02. The company has a market cap of $664.32 million, a price-to-earnings ratio of -2.57 and a beta of 0.67.

Phathom Pharmaceuticals (NASDAQ:PHAT) last released its quarterly earnings data on Thursday, May 9th. The company reported ($1.42) earnings per share for the quarter, topping the consensus estimate of ($1.43) by $0.01. The firm had revenue of $1.91 million for the quarter, compared to analyst estimates of $2.76 million. As a group, research analysts forecast that Phathom Pharmaceuticals will post -5.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Molly Henderson sold 3,435 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $11.10, for a total transaction of $38,128.50. Following the completion of the sale, the chief financial officer now owns 95,263 shares in the company, valued at $1,057,419.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Terrie Curran sold 16,851 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $9.11, for a total transaction of $153,512.61. Following the transaction, the insider now directly owns 410,784 shares of the company’s stock, valued at $3,742,242.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Molly Henderson sold 3,435 shares of Phathom Pharmaceuticals stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $11.10, for a total transaction of $38,128.50. Following the completion of the sale, the chief financial officer now owns 95,263 shares of the company’s stock, valued at approximately $1,057,419.30. The disclosure for this sale can be found here. Company insiders own 24.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Catalys Pacific LLC bought a new position in Phathom Pharmaceuticals during the 4th quarter worth $6,592,000. Avidity Partners Management LP lifted its position in shares of Phathom Pharmaceuticals by 6.4% during the 4th quarter. Avidity Partners Management LP now owns 1,721,580 shares of the company’s stock valued at $15,718,000 after acquiring an additional 104,280 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in shares of Phathom Pharmaceuticals by 355.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 6,626 shares of the company’s stock worth $60,000 after purchasing an additional 5,171 shares in the last quarter. Invesco Ltd. increased its position in shares of Phathom Pharmaceuticals by 2.6% in the third quarter. Invesco Ltd. now owns 3,418,959 shares of the company’s stock worth $35,455,000 after purchasing an additional 86,822 shares during the period. Finally, Vanguard Group Inc. raised its stake in Phathom Pharmaceuticals by 10.3% in the third quarter. Vanguard Group Inc. now owns 1,922,662 shares of the company’s stock valued at $19,938,000 after purchasing an additional 180,325 shares in the last quarter. 99.01% of the stock is owned by institutional investors.

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.