Needham & Company LLC Reaffirms “Buy” Rating for Phathom Pharmaceuticals (NASDAQ:PHAT)

Phathom Pharmaceuticals (NASDAQ:PHAT)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $28.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 446.88% from the stock’s current price.

PHAT has been the subject of several other reports. Craig Hallum reiterated a “buy” rating on shares of Phathom Pharmaceuticals in a research report on Friday, March 7th. The Goldman Sachs Group reduced their target price on Phathom Pharmaceuticals from $18.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, March 10th. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, March 7th. Guggenheim set a $18.00 price objective on shares of Phathom Pharmaceuticals in a research note on Friday, March 7th. Finally, Cantor Fitzgerald upgraded shares of Phathom Pharmaceuticals to a “strong-buy” rating in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Phathom Pharmaceuticals currently has an average rating of “Buy” and an average target price of $22.17.

Phathom Pharmaceuticals Trading Down 18.3 %

Shares of PHAT stock opened at $5.12 on Wednesday. The firm’s 50 day moving average is $5.80 and its 200 day moving average is $9.90. The stock has a market capitalization of $356.54 million, a P/E ratio of -0.90 and a beta of 0.63. Phathom Pharmaceuticals has a 12 month low of $4.07 and a 12 month high of $19.71.

Insider Buying and Selling at Phathom Pharmaceuticals

In other news, CFO Molly Henderson sold 6,583 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $6.59, for a total transaction of $43,381.97. Following the transaction, the chief financial officer now directly owns 93,546 shares of the company’s stock, valued at approximately $616,468.14. This trade represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Azmi Nabulsi sold 7,886 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $6.59, for a total value of $51,968.74. Following the completion of the sale, the chief operating officer now directly owns 233,390 shares of the company’s stock, valued at approximately $1,538,040.10. This trade represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,578 shares of company stock worth $221,279 over the last ninety days. Insiders own 24.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Phathom Pharmaceuticals by 20.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 117,803 shares of the company’s stock valued at $957,000 after buying an additional 19,778 shares during the last quarter. Two Sigma Advisers LP purchased a new position in shares of Phathom Pharmaceuticals in the fourth quarter valued at about $1,086,000. Two Sigma Investments LP raised its stake in shares of Phathom Pharmaceuticals by 215.4% during the fourth quarter. Two Sigma Investments LP now owns 485,790 shares of the company’s stock valued at $3,945,000 after acquiring an additional 331,760 shares during the last quarter. Tang Capital Management LLC purchased a new stake in shares of Phathom Pharmaceuticals during the fourth quarter worth about $4,060,000. Finally, Rafferty Asset Management LLC bought a new stake in shares of Phathom Pharmaceuticals in the fourth quarter worth about $90,000. 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.