Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Up on Analyst Upgrade

Shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) gapped up prior to trading on Friday after Barclays upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $10.79, but opened at $11.26. Barclays now has a $18.00 price target on the stock, up from their previous price target of $16.00. Phathom Pharmaceuticals shares last traded at $10.6950, with a volume of 341,488 shares trading hands.

Several other equities research analysts also recently weighed in on PHAT. Guggenheim upped their target price on shares of Phathom Pharmaceuticals from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Raymond James Financial initiated coverage on shares of Phathom Pharmaceuticals in a research note on Thursday, December 11th. They issued a “strong-buy” rating and a $28.00 price target for the company. Stifel Nicolaus set a $28.00 target price on Phathom Pharmaceuticals in a research note on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a report on Thursday, January 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Phathom Pharmaceuticals in a research note on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PHAT. AQR Capital Management LLC increased its stake in Phathom Pharmaceuticals by 508.2% in the first quarter. AQR Capital Management LLC now owns 107,399 shares of the company’s stock valued at $673,000 after purchasing an additional 89,741 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Phathom Pharmaceuticals by 5.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,069,927 shares of the company’s stock worth $10,263,000 after buying an additional 53,504 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of Phathom Pharmaceuticals by 31.2% in the 2nd quarter. Intech Investment Management LLC now owns 28,192 shares of the company’s stock valued at $270,000 after buying an additional 6,708 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Phathom Pharmaceuticals in the 2nd quarter valued at $111,000. Finally, JPMorgan Chase & Co. grew its position in shares of Phathom Pharmaceuticals by 0.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 138,516 shares of the company’s stock valued at $1,328,000 after buying an additional 1,123 shares during the last quarter. 99.01% of the stock is owned by institutional investors and hedge funds.

Phathom Pharmaceuticals Trading Down 1.9%

The company’s 50 day moving average is $12.08 and its 200 day moving average is $13.38. The stock has a market capitalization of $833.70 million, a price-to-earnings ratio of -3.46 and a beta of 0.51.

Phathom Pharmaceuticals (NASDAQ:PHAT) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.01. The company had revenue of $57.58 million during the quarter, compared to analyst estimates of $57.44 million. Analysts anticipate that Phathom Pharmaceuticals, Inc. will post -4.78 EPS for the current fiscal year.

About Phathom Pharmaceuticals

Phathom Pharmaceuticals is a clinical‐stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium‐competitive acid blocker (P-CAB) licensed for use in the United States.