Summit Financial Wealth Advisors LLC Invests $525,000 in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT)

Summit Financial Wealth Advisors LLC bought a new position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 29,032 shares of the company’s stock, valued at approximately $525,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Huntington National Bank lifted its position in Phathom Pharmaceuticals by 62.2% during the 3rd quarter. Huntington National Bank now owns 1,471 shares of the company’s stock worth $27,000 after buying an additional 564 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of 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 purchasing an additional 722 shares during the period. US Bancorp DE raised its position in shares of Phathom Pharmaceuticals by 28.6% in the third quarter. US Bancorp DE now owns 5,248 shares of the company’s stock valued at $95,000 after buying an additional 1,166 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Phathom Pharmaceuticals by 42.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,071 shares of the company’s stock valued at $104,000 after buying an additional 2,987 shares during the period. Finally, Quest Partners LLC acquired a new stake in Phathom Pharmaceuticals during the third quarter worth approximately $197,000. 99.01% of the stock is currently owned by institutional investors and hedge funds.

Phathom Pharmaceuticals Stock Performance

PHAT stock opened at $9.09 on Tuesday. The company has a market capitalization of $621.57 million, a price-to-earnings ratio of -1.60 and a beta of 0.72. The business’s 50 day moving average price is $15.46 and its two-hundred day moving average price is $13.34. Phathom Pharmaceuticals, Inc. has a fifty-two week low of $6.07 and a fifty-two week high of $19.71.

Analysts Set New Price Targets

PHAT has been the topic of several recent research reports. HC Wainwright reissued a “buy” rating and set a $28.00 price objective on shares of Phathom Pharmaceuticals in a report on Monday, August 12th. The Goldman Sachs Group raised their price target on shares of Phathom Pharmaceuticals from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $26.00 price target on shares of Phathom Pharmaceuticals in a report on Friday, September 13th.

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.