Phathom Pharmaceuticals (NASDAQ:PHAT) Receives “Buy” Rating from Needham & Company LLC

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They presently have a $28.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 393.83% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald upgraded Phathom Pharmaceuticals to a “strong-buy” rating in a research note on Tuesday, February 25th. HC Wainwright restated a “buy” rating and set a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $23.00.

Phathom Pharmaceuticals Stock Down 6.7 %

Shares of NASDAQ:PHAT traded down $0.41 during midday trading on Thursday, reaching $5.67. The company’s stock had a trading volume of 1,514,413 shares, compared to its average volume of 1,002,632. The firm has a 50 day moving average of $6.46 and a 200-day moving average of $11.33. The firm has a market capitalization of $387.70 million, a P/E ratio of -1.00 and a beta of 0.63. Phathom Pharmaceuticals has a 12-month low of $5.07 and a 12-month high of $19.71.

Phathom Pharmaceuticals (NASDAQ:PHAT) last announced its earnings results on Thursday, March 6th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.41. On average, research analysts predict that Phathom Pharmaceuticals will post -4.78 EPS for the current year.

Insider Buying and Selling at Phathom Pharmaceuticals

In related news, CFO Molly Henderson sold 6,583 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $6.59, for a total transaction of $43,381.97. Following the transaction, the chief financial officer now owns 93,546 shares in the company, valued at $616,468.14. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Karbe bought 12,500 shares of the business’s stock in a transaction on 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 transaction, the director now owns 57,000 shares in the company, valued at $452,010. This trade represents a 28.09 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 35,987 shares of company stock worth $240,551. Insiders own 24.10% of the company’s stock.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Huntington National Bank lifted its holdings in Phathom Pharmaceuticals by 62.2% in the third quarter. Huntington National Bank now owns 1,471 shares of the company’s stock valued at $27,000 after acquiring an additional 564 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Phathom Pharmaceuticals during the 4th quarter valued at about $74,000. Teacher Retirement System of Texas purchased a new stake in shares of Phathom Pharmaceuticals during the 4th quarter valued at about $90,000. Rafferty Asset Management LLC bought a new position in shares of Phathom Pharmaceuticals in the 4th quarter worth approximately $90,000. Finally, US Bancorp DE boosted its holdings in shares of Phathom Pharmaceuticals by 28.6% in the third quarter. US Bancorp DE now owns 5,248 shares of the company’s stock worth $95,000 after buying an additional 1,166 shares during the last quarter. 99.01% of the stock is currently owned by hedge funds and other institutional investors.

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.