Cantor Fitzgerald Initiates Coverage on Phathom Pharmaceuticals (NASDAQ:PHAT)

Cantor Fitzgerald started coverage on shares of Phathom Pharmaceuticals (NASDAQ:PHAT) in a research note issued to investors on Friday, MarketBeat reports. The firm set an “overweight” rating and a $23.00 price target on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 298.61% from the stock’s current price.

A number of other brokerages also recently weighed in on PHAT. Needham & Company LLC reissued a “buy” rating and set a $28.00 target price on shares of Phathom Pharmaceuticals in a research note on Friday, January 10th. HC Wainwright reissued a “buy” rating and issued a $28.00 price objective on shares of Phathom Pharmaceuticals in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Phathom Pharmaceuticals Price Performance

Phathom Pharmaceuticals stock opened at $5.77 on Friday. The stock’s 50 day moving average is $7.09 and its 200 day moving average is $11.89. Phathom Pharmaceuticals has a one year low of $5.21 and a one year high of $19.71. The firm has a market cap of $394.54 million, a P/E ratio of -1.01 and a beta of 0.54.

Insider Activity

In related news, COO Azmi Nabulsi sold 7,886 shares of Phathom Pharmaceuticals stock in a transaction on 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Molly Henderson sold 6,583 shares of the company’s stock in a transaction on 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 owns 93,546 shares in the company, valued at approximately $616,468.14. The trade was a 6.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,987 shares of company stock worth $240,551. Company insiders own 24.10% of the company’s stock.

Institutional Investors Weigh In On Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in Phathom Pharmaceuticals by 10.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,941 shares of the company’s stock valued at $144,000 after acquiring an additional 1,339 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Phathom Pharmaceuticals in the third quarter valued at approximately $244,000. Creative Planning boosted its position in shares of Phathom Pharmaceuticals by 25.7% during the third quarter. Creative Planning now owns 33,884 shares of the company’s stock valued at $613,000 after buying an additional 6,933 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Phathom Pharmaceuticals by 41.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,470 shares of the company’s stock worth $43,000 after buying an additional 722 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in Phathom Pharmaceuticals by 91.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,134 shares of the company’s stock valued at $237,000 after buying an additional 6,257 shares during the last quarter. 99.01% of the stock is owned by institutional investors.

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.