Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 6.9%

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s stock price dropped 6.9% during mid-day trading on Friday . The stock traded as low as $10.92 and last traded at $11.00. Approximately 129,233 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 730,697 shares. The stock had previously closed at $11.81.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PHAT. Stifel Nicolaus started coverage on shares of Phathom Pharmaceuticals in a research report on Friday, May 3rd. They set a “buy” rating and a $24.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday. Finally, HC Wainwright reissued a “buy” rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, May 10th.

Phathom Pharmaceuticals Stock Down 6.2 %

The stock’s 50 day moving average price is $10.23 and its 200-day moving average price is $9.30. The stock has a market capitalization of $648.57 million, a P/E ratio of -2.51 and a beta of 0.67.

Phathom Pharmaceuticals (NASDAQ:PHAT) last posted its earnings results on Thursday, May 9th. The company reported ($1.42) EPS for the quarter, beating analysts’ consensus estimates of ($1.43) by $0.01. The firm had revenue of $1.91 million for the quarter, compared to analysts’ expectations of $2.76 million. Analysts anticipate that Phathom Pharmaceuticals, Inc. will post -5.57 earnings per share for the current year.

Insider Activity at Phathom Pharmaceuticals

In other Phathom Pharmaceuticals news, CFO Molly Henderson sold 3,435 shares of the firm’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $11.10, for a total value of $38,128.50. Following the completion of the transaction, the chief financial officer now owns 95,263 shares of the company’s stock, valued at $1,057,419.30. The transaction was disclosed in a filing with the SEC, which is available at this link. 24.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Phathom Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. raised its stake in shares of Phathom Pharmaceuticals by 355.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 6,626 shares of the company’s stock valued at $60,000 after acquiring an additional 5,171 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Phathom Pharmaceuticals in the 3rd quarter valued at $92,000. DAVENPORT & Co LLC purchased a new stake in Phathom Pharmaceuticals in the 4th quarter valued at $91,000. Klingman & Associates LLC purchased a new stake in Phathom Pharmaceuticals in the 1st quarter valued at $110,000. Finally, State Board of Administration of Florida Retirement System purchased a new position in Phathom Pharmaceuticals during the 1st quarter worth $119,000. Institutional investors and hedge funds 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.