Short Interest in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) Decreases By 16.0%

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) was the target of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 14,660,000 shares, a drop of 16.0% from the October 31st total of 17,450,000 shares. Based on an average daily trading volume, of 1,340,000 shares, the days-to-cover ratio is currently 10.9 days.

Institutional Investors Weigh In On Phathom Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the company. Eagle Asset Management Inc. grew its stake in Phathom Pharmaceuticals by 25.9% during the third quarter. Eagle Asset Management Inc. now owns 455,196 shares of the company’s stock valued at $7,675,000 after acquiring an additional 93,733 shares in the last quarter. Oracle Investment Management Inc. purchased a new position in shares of Phathom Pharmaceuticals during the 2nd quarter valued at $2,318,000. Vanguard Group Inc. increased its holdings in shares of Phathom Pharmaceuticals by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,979,113 shares of the company’s stock worth $21,018,000 after purchasing an additional 22,684 shares during the period. Jennison Associates LLC raised its position 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 worth $106,064,000 after buying an additional 3,108,810 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Phathom Pharmaceuticals in the second quarter worth $1,161,000. 99.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PHAT. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a research report on Friday, September 13th. HC Wainwright reiterated a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research report on Monday, August 12th. Finally, The Goldman Sachs Group boosted their price target on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, August 9th.

Phathom Pharmaceuticals Stock Performance

Shares of PHAT opened at $8.87 on Monday. Phathom Pharmaceuticals has a 52-week low of $6.07 and a 52-week high of $19.71. The stock’s 50-day simple moving average is $14.68 and its 200 day simple moving average is $13.31. The stock has a market capitalization of $606.50 million, a price-to-earnings ratio of -1.56 and a beta of 0.72.

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.