Short Interest in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) Decreases By 16.0%

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 14,660,000 shares, a decline of 16.0% from the October 31st total of 17,450,000 shares. Based on an average daily volume of 1,340,000 shares, the days-to-cover ratio is currently 10.9 days.

Phathom Pharmaceuticals Stock Down 1.1 %

Shares of NASDAQ:PHAT opened at $8.87 on Monday. The stock has a market cap of $606.50 million, a PE ratio of -1.56 and a beta of 0.72. The company’s fifty day moving average is $14.68 and its 200 day moving average is $13.31. Phathom Pharmaceuticals has a 52 week low of $6.07 and a 52 week high of $19.71.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PHAT. Jennison Associates LLC boosted its stake 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 valued at $106,064,000 after purchasing an additional 3,108,810 shares during the period. FMR LLC grew its holdings in Phathom Pharmaceuticals by 49,000.7% in the 3rd quarter. FMR LLC now owns 1,304,114 shares of the company’s stock worth $23,578,000 after acquiring an additional 1,301,458 shares during the last quarter. Checkpoint Capital L.P. grew its holdings in Phathom Pharmaceuticals by 71.9% in the 3rd quarter. Checkpoint Capital L.P. now owns 1,504,307 shares of the company’s stock worth $27,198,000 after acquiring an additional 629,307 shares during the last quarter. Portolan Capital Management LLC increased its position in shares of Phathom Pharmaceuticals by 50.4% in the third quarter. Portolan Capital Management LLC now owns 1,699,918 shares of the company’s stock valued at $30,735,000 after acquiring 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 third quarter valued at about $7,952,000. 99.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PHAT has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 target price on shares of Phathom Pharmaceuticals in a research report on Friday, September 13th. The Goldman Sachs Group upped their price objective on Phathom Pharmaceuticals from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Monday, August 12th.

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.