Needham & Company LLC Reiterates Buy Rating for Phathom Pharmaceuticals (NASDAQ:PHAT)

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued to investors on Monday, Benzinga reports. They currently have a $26.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 103.92% from the stock’s current price.

Several other equities analysts have also commented on PHAT. Stifel Nicolaus began coverage on shares of Phathom Pharmaceuticals in a report 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 objective on shares of Phathom Pharmaceuticals in a report on Monday, August 12th. Finally, The Goldman Sachs Group boosted their price target on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th.

Phathom Pharmaceuticals Trading Down 1.1 %

Shares of NASDAQ:PHAT opened at $12.75 on Monday. The company has a market capitalization of $759.77 million, a price-to-earnings ratio of -2.89 and a beta of 0.68. Phathom Pharmaceuticals has a 12-month low of $6.07 and a 12-month high of $15.52. The business has a 50-day moving average price of $11.39 and a 200 day moving average price of $10.27.

Insider Buying and Selling

In other Phathom Pharmaceuticals news, CFO Molly Henderson sold 4,325 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $11.72, for a total value of $50,689.00. Following the sale, the chief financial officer now directly owns 99,447 shares of the company’s stock, valued at approximately $1,165,518.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Terrie Curran sold 33,848 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $11.72, for a total transaction of $396,698.56. Following the completion of the sale, the insider now owns 377,734 shares in the company, valued at $4,427,042.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Molly Henderson sold 4,325 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $11.72, for a total transaction of $50,689.00. Following the completion of the transaction, the chief financial officer now owns 99,447 shares in the company, valued at $1,165,518.84. The disclosure for this sale can be found here. Insiders sold 49,074 shares of company stock worth $575,147 over the last 90 days. 24.10% of the stock is owned by insiders.

Institutional Trading of Phathom Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Medicxi Ventures Management Jersey Ltd raised its stake in Phathom Pharmaceuticals by 98.5% during the 1st quarter. Medicxi Ventures Management Jersey Ltd now owns 7,464,572 shares of the company’s stock worth $79,274,000 after acquiring an additional 3,703,703 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Phathom Pharmaceuticals by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,979,113 shares of the company’s stock worth $21,018,000 after purchasing an additional 22,684 shares in the last quarter. Avidity Partners Management LP lifted its holdings in shares of Phathom Pharmaceuticals by 6.4% in the 4th quarter. Avidity Partners Management LP now owns 1,721,580 shares of the company’s stock valued at $15,718,000 after purchasing an additional 104,280 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Phathom Pharmaceuticals in the 1st quarter valued at about $17,499,000. Finally, Propel Bio Management LLC grew its stake in Phathom Pharmaceuticals by 96.4% during the 1st quarter. Propel Bio Management LLC now owns 869,927 shares of the company’s stock worth $9,239,000 after buying an additional 426,880 shares during the last quarter. Hedge funds and other 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.