Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Rating Upgraded by Barclays

Phathom Pharmaceuticals (NASDAQ:PHAT) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Friday, MarketBeat.com reports. The brokerage currently has a $18.00 price objective on the stock, up from their prior price objective of $16.00. Barclays‘s target price points to a potential upside of 70.13% from the stock’s previous close.

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

Phathom Pharmaceuticals Trading Down 1.9%

Shares of PHAT stock opened at $10.58 on Friday. The stock has a market capitalization of $833.70 million, a price-to-earnings ratio of -3.46 and a beta of 0.51. The stock’s 50-day moving average price is $12.08 and its 200-day moving average price is $13.38. Phathom Pharmaceuticals has a 12-month low of $2.21 and a 12-month high of $18.31.

Phathom Pharmaceuticals (NASDAQ:PHAT) last announced 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 analysts’ expectations of $57.44 million. As a group, research analysts predict that Phathom Pharmaceuticals will post -4.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Phathom Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in Phathom Pharmaceuticals by 0.8% in the second quarter. JPMorgan Chase & Co. now owns 138,516 shares of the company’s stock valued at $1,328,000 after purchasing an additional 1,123 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of Phathom Pharmaceuticals by 39.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,311 shares of the company’s stock worth $41,000 after buying an additional 1,216 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Phathom Pharmaceuticals by 9.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,826 shares of the company’s stock valued at $152,000 after buying an additional 1,364 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Phathom Pharmaceuticals in the 4th quarter valued at $27,000. Finally, AQR Capital Management LLC grew its position in shares of Phathom Pharmaceuticals by 3.5% in the 4th quarter. AQR Capital Management LLC now owns 54,448 shares of the company’s stock valued at $903,000 after buying an additional 1,819 shares during the last quarter. 99.01% of the stock is owned by institutional investors and hedge funds.

Phathom Pharmaceuticals Company Profile

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.