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

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

Phathom Pharmaceuticals Stock Performance

Shares of NASDAQ PHAT traded down $0.75 during trading hours on Wednesday, hitting $8.18. The stock had a trading volume of 845,084 shares, compared to its average volume of 910,773. The company has a market capitalization of $559.32 million, a P/E ratio of -1.44 and a beta of 0.56. The firm’s 50-day moving average price is $13.46 and its two-hundred day moving average price is $13.23. Phathom Pharmaceuticals has a 52 week low of $6.07 and a 52 week high of $19.71.

Institutional Trading of Phathom Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in PHAT. Jennison Associates LLC lifted its stake in shares of Phathom Pharmaceuticals by 112.7% in the third quarter. Jennison Associates LLC now owns 5,866,389 shares of the company’s stock valued at $106,064,000 after buying an additional 3,108,810 shares during the period. FMR LLC increased its holdings in Phathom Pharmaceuticals by 49,000.7% in the 3rd quarter. FMR LLC now owns 1,304,114 shares of the company’s stock valued at $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% during the third quarter. Checkpoint Capital L.P. now owns 1,504,307 shares of the company’s stock worth $27,198,000 after purchasing an additional 629,307 shares during the period. Portolan Capital Management LLC boosted 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 in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Phathom Pharmaceuticals in the 3rd quarter worth approximately $7,952,000. Institutional investors own 99.01% of the company’s stock.

Phathom Pharmaceuticals Company Profile

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.