Phathom Pharmaceuticals (NASDAQ:PHAT) Stock Price Down 3.5% – Should You Sell?

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)’s share price was down 3.5% during mid-day trading on Friday . The stock traded as low as $8.61 and last traded at $8.66. Approximately 163,920 shares traded hands during trading, a decline of 82% from the average daily volume of 911,880 shares. The stock had previously closed at $8.97.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PHAT shares. The Goldman Sachs Group lifted their price objective on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $28.00 price target on shares of Phathom Pharmaceuticals in a research report on Monday, August 12th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $26.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, September 13th.

Phathom Pharmaceuticals Stock Down 1.1 %

The business’s 50 day simple moving average is $14.87 and its 200 day simple moving average is $13.28.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Barclays PLC increased its stake in Phathom Pharmaceuticals by 366.0% in the third quarter. Barclays PLC now owns 57,807 shares of the company’s stock valued at $1,044,000 after purchasing an additional 45,402 shares during the period. Geode Capital Management LLC increased its stake in 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 purchasing an additional 56,871 shares during the period. MML Investors Services LLC increased its stake in 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 purchasing an additional 14,260 shares during the period. State Street Corp increased its stake in Phathom Pharmaceuticals by 17.5% in the third quarter. State Street Corp now owns 922,788 shares of the company’s stock valued at $16,684,000 after purchasing an additional 137,539 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Phathom Pharmaceuticals during the third quarter worth about $7,952,000. 99.01% of the stock is currently owned by institutional investors and hedge funds.

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.