Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Gap Up Following Better-Than-Expected Earnings

Phathom Pharmaceuticals, Inc. (NASDAQ:PHATGet Free Report) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.73, but opened at $10.49. Phathom Pharmaceuticals shares last traded at $9.42, with a volume of 136,494 shares.

The company reported ($0.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.92) by $0.12. The firm had revenue of $0.68 million during the quarter, compared to the consensus estimate of $0.93 million. During the same period in the prior year, the company posted ($1.33) EPS.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price objective on shares of Phathom Pharmaceuticals in a research report on Friday, February 23rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Phathom Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $21.25.

Read Our Latest Stock Report on Phathom Pharmaceuticals

Insider Buying and Selling at Phathom Pharmaceuticals

In other Phathom Pharmaceuticals news, CFO Molly Henderson sold 6,307 shares of the stock in a transaction on Friday, January 19th. The stock was sold at an average price of $7.75, for a total transaction of $48,879.25. Following the sale, the chief financial officer now directly owns 98,698 shares in the company, valued at approximately $764,909.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Molly Henderson sold 6,307 shares of the firm’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $7.75, for a total value of $48,879.25. Following the transaction, the chief financial officer now directly owns 98,698 shares in the company, valued at approximately $764,909.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Pharmaceutical Co Ltd Takeda sold 3,703,703 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $8.10, for a total value of $29,999,994.30. Following the completion of the transaction, the insider now owns 3,755,583 shares in the company, valued at $30,420,222.30. The disclosure for this sale can be found here. Company insiders own 27.10% of the company’s stock.

Hedge Funds Weigh In On Phathom Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its position in Phathom Pharmaceuticals by 54.7% during the fourth quarter. Wellington Management Group LLP now owns 154,391 shares of the company’s stock valued at $1,410,000 after purchasing an additional 54,581 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Phathom Pharmaceuticals by 51.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 210,211 shares of the company’s stock valued at $1,919,000 after acquiring an additional 71,711 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Phathom Pharmaceuticals by 29.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 17,401 shares of the company’s stock valued at $159,000 after acquiring an additional 4,007 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Phathom Pharmaceuticals by 333.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 38,569 shares of the company’s stock valued at $352,000 after acquiring an additional 29,669 shares during the period. Finally, Virtus ETF Advisers LLC raised its holdings in Phathom Pharmaceuticals by 33.9% during the fourth quarter. Virtus ETF Advisers LLC now owns 10,367 shares of the company’s stock valued at $95,000 after acquiring an additional 2,623 shares during the period. 93.14% of the stock is currently owned by hedge funds and other institutional investors.

Phathom Pharmaceuticals Trading Down 2.3 %

The company has a current ratio of 9.46, a quick ratio of 9.45 and a debt-to-equity ratio of 5.56. The stock has a fifty day simple moving average of $8.29 and a 200 day simple moving average of $9.34.

Phathom Pharmaceuticals Company Profile

(Get Free Report)

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.

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