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

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $28.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 242.30% from the stock’s previous close.

Phathom Pharmaceuticals Trading Down 8.4 %

PHAT stock traded down $0.75 during midday trading on Wednesday, hitting $8.18. 845,084 shares of the company’s stock were exchanged, compared to its average volume of 910,773. The firm has a 50 day moving average price of $13.46 and a 200-day moving average price of $13.23. 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 $559.32 million, a price-to-earnings ratio of -1.44 and a beta of 0.56.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Barclays PLC lifted its position in Phathom Pharmaceuticals by 366.0% in the third quarter. Barclays PLC now owns 57,807 shares of the company’s stock worth $1,044,000 after purchasing an additional 45,402 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Phathom Pharmaceuticals by 7.1% in the third quarter. Geode Capital Management LLC now owns 862,918 shares of the company’s stock valued at $15,605,000 after buying an additional 56,871 shares during the period. MML Investors Services LLC lifted its holdings in shares of Phathom Pharmaceuticals by 72.8% in the third quarter. MML Investors Services LLC now owns 33,860 shares of the company’s stock valued at $612,000 after buying an additional 14,260 shares during the period. State Street Corp boosted its stake in Phathom Pharmaceuticals by 17.5% during the third quarter. State Street Corp now owns 922,788 shares of the company’s stock valued at $16,684,000 after buying an additional 137,539 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Phathom Pharmaceuticals during the third quarter worth about $7,952,000. 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.