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

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued on Friday, MarketBeat.com reports. They currently have a $26.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 134.66% from the company’s current price.

A number of other analysts have also issued reports on PHAT. Stifel Nicolaus assumed coverage on Phathom Pharmaceuticals in a report on Friday, May 3rd. They issued a “buy” rating and a $24.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 target price on shares of Phathom Pharmaceuticals in a report on Friday, May 10th.

Phathom Pharmaceuticals Stock Performance

Shares of NASDAQ PHAT opened at $11.08 on Friday. The firm has a market cap of $648.57 million, a price-to-earnings ratio of -2.51 and a beta of 0.67. The business’s 50-day simple moving average is $10.23 and its 200-day simple moving average is $9.30. Phathom Pharmaceuticals has a 52 week low of $6.07 and a 52 week high of $17.02.

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

Insider Transactions at Phathom Pharmaceuticals

In other news, CFO Molly Henderson sold 3,435 shares of Phathom Pharmaceuticals 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 sale, the chief financial officer now owns 95,263 shares of the company’s stock, valued at approximately $1,057,419.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 24.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Phathom Pharmaceuticals by 12.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,573 shares of the company’s stock worth $208,000 after buying an additional 2,172 shares during the period. EntryPoint Capital LLC bought a new position in shares of Phathom Pharmaceuticals during the 1st quarter worth approximately $206,000. Propel Bio Management LLC lifted its position in shares of 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 period. Vanguard Group Inc. lifted its position in shares of Phathom Pharmaceuticals by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,979,113 shares of the company’s stock worth $21,018,000 after buying an additional 22,684 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Phathom Pharmaceuticals during the 1st quarter worth approximately $119,000. Institutional investors own 99.01% of the company’s stock.

About Phathom Pharmaceuticals

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.