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

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $28.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 446.88% from the company’s current price.

Several other research firms also recently weighed in on PHAT. The Goldman Sachs Group decreased their price target on shares of Phathom Pharmaceuticals from $18.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Cantor Fitzgerald raised Phathom Pharmaceuticals to a “strong-buy” rating in a research note on Tuesday, February 25th. Craig Hallum reissued a “buy” rating on shares of Phathom Pharmaceuticals in a research note on Friday, March 7th. Guggenheim set a $18.00 target price on Phathom Pharmaceuticals in a research report on Friday, March 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, March 7th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Phathom Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $22.17.

Phathom Pharmaceuticals Stock Down 18.3 %

Shares of PHAT stock opened at $5.12 on Wednesday. Phathom Pharmaceuticals has a 52 week low of $4.07 and a 52 week high of $19.71. The firm has a 50 day moving average of $5.80 and a 200-day moving average of $9.90. The company has a market cap of $356.54 million, a price-to-earnings ratio of -0.90 and a beta of 0.63.

Insiders Place Their Bets

In other Phathom Pharmaceuticals news, COO Azmi Nabulsi sold 7,886 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $6.59, for a total value of $51,968.74. Following the completion of the transaction, the chief operating officer now owns 233,390 shares in the company, valued at $1,538,040.10. This represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Terrie Curran sold 19,109 shares of Phathom Pharmaceuticals stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $6.59, for a total value of $125,928.31. Following the sale, the insider now owns 360,465 shares in the company, valued at $2,375,464.35. The trade was a 5.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,578 shares of company stock valued at $221,279 in the last three months. 24.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. Wasatch Advisors LP boosted its stake in Phathom Pharmaceuticals by 531.3% in the fourth quarter. Wasatch Advisors LP now owns 1,558,928 shares of the company’s stock valued at $12,658,000 after acquiring an additional 1,311,986 shares during the last quarter. FMR LLC raised 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 purchasing an additional 1,301,458 shares during the period. Jennison Associates LLC lifted its stake in Phathom Pharmaceuticals by 20.4% in the fourth quarter. Jennison Associates LLC now owns 7,062,507 shares of the company’s stock valued at $57,348,000 after purchasing an additional 1,196,118 shares during the last quarter. Portolan Capital Management LLC grew its holdings in Phathom Pharmaceuticals by 50.4% during the third 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, Tang Capital Management LLC purchased a new stake in Phathom Pharmaceuticals in the fourth quarter worth $4,060,000. 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.