Phathom Pharmaceuticals (NASDAQ:PHAT) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research report report published on Friday,Benzinga reports. Needham & Company LLC currently has a $28.00 target price on the stock.

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

Phathom Pharmaceuticals Trading Down 0.1 %

Shares of NASDAQ:PHAT opened at $6.94 on Friday. Phathom Pharmaceuticals has a 52 week low of $6.07 and a 52 week high of $19.71. The company’s 50 day moving average is $9.43 and its two-hundred day moving average is $12.71. The company has a market cap of $474.54 million, a PE ratio of -1.22 and a beta of 0.56.

Insiders Place Their Bets

In related news, Director Frank Karbe bought 12,500 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were purchased at an average cost of $7.93 per share, with a total value of $99,125.00. Following the transaction, the director now directly owns 57,000 shares of the company’s stock, valued at approximately $452,010. This represents a 28.09 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 24.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Jennison Associates LLC lifted its holdings in shares of Phathom Pharmaceuticals by 112.7% in the 3rd 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 last quarter. FMR LLC increased its position in Phathom Pharmaceuticals by 49,000.7% during the third quarter. FMR LLC now owns 1,304,114 shares of the company’s stock worth $23,578,000 after buying an additional 1,301,458 shares during the period. Checkpoint Capital L.P. lifted its stake in Phathom Pharmaceuticals by 71.9% in the third quarter. Checkpoint Capital L.P. now owns 1,504,307 shares of the company’s stock valued at $27,198,000 after buying an additional 629,307 shares during the last quarter. Portolan Capital Management LLC boosted its holdings 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. purchased a new position in shares of Phathom Pharmaceuticals during the third quarter worth approximately $7,952,000. 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.