Phathom Pharmaceuticals’ (PHAT) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a $28.00 price target on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Thursday, December 12th.

Phathom Pharmaceuticals Price Performance

PHAT opened at $6.94 on Friday. Phathom Pharmaceuticals has a 12-month low of $6.07 and a 12-month high of $19.71. The stock has a market capitalization of $474.54 million, a PE ratio of -1.22 and a beta of 0.56. The firm’s fifty day moving average price is $9.43 and its 200 day moving average price is $12.75.

Insider Buying and Selling at Phathom Pharmaceuticals

In related news, Director Frank Karbe bought 12,500 shares of the stock in a transaction dated Friday, December 13th. The stock was bought at an average cost of $7.93 per share, with a total value of $99,125.00. Following the completion of the acquisition, the director now owns 57,000 shares of the company’s stock, valued at $452,010. This trade represents a 28.09 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC increased its position in Phathom Pharmaceuticals by 112.7% in the third quarter. Jennison Associates LLC now owns 5,866,389 shares of the company’s stock worth $106,064,000 after buying an additional 3,108,810 shares during the period. FMR LLC increased its holdings in shares of 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 period. Checkpoint Capital L.P. lifted its position 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 valued at $27,198,000 after purchasing an additional 629,307 shares during the last quarter. Portolan Capital Management LLC boosted its stake in Phathom Pharmaceuticals by 50.4% during the 3rd quarter. Portolan Capital Management LLC now owns 1,699,918 shares of the company’s stock valued at $30,735,000 after purchasing an additional 569,829 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in Phathom Pharmaceuticals during the 3rd quarter valued at about $7,952,000. Institutional investors and hedge funds 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.