Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Phathom Pharmaceuticals Inc (PHAT)

172 + Investors. Track Smart Money conviction in PHAT. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -1
Streak
1Q ▼
Buyers last Q
59%

Smart Money Signals — PHAT

Based on 173 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their PHAT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (99% of max)

99% of all-time peak
173 hedge funds hold PHAT right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +26% more funds vs a year ago

fund count last 6Q
+36 new funds entered over the past year (+26% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡

Slight buying edge — 59% buying

112 buying77 selling
Last quarter: 112 funds bought or added vs 77 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-15 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 20 → 24 → 51 → 36. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

43% of holders stayed for 2+ years

■ 43% conviction (2yr+) ■ 29% medium ■ 28% new
75 out of 173 hedge funds have held PHAT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +11%, value -28%

Value
-27%
Shares
+10%
Last quarter: funds added +11% more shares while total portfolio value only changed -28%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀

Acceleration phase — new buyers rushing in

27 → 20 → 24 → 51 → 36 new funds/Q
New funds entering each quarter: 20 → 24 → 51 → 36. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️

Deep conviction — 55% of holders stayed 2+ years

■ 55% veterans ■ 14% 1-2yr ■ 31% new
Of 177 current holders: 97 (55%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅

Strong quality — 25% AUM from major funds

25% from top-100 AUM funds
39 of 173 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
4.3
out of 10
Moderate Exit Risk
Exit risk score 4.3/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — PHAT

In 2026 Q1, 112 hedge funds were net buyers of PHAT (36 opened a new position, 76 added to an existing one), while 77 reduced or exited (40 trimmed, 37 sold completely) — a 59% buyer ratio, indicating a slight buying edge. 25% of total institutional value in PHAT is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -1 funds (more exits than new entries). Total institutional holders: 173.

Hedge Fund Ownership: PHAT

How many hedge funds hold PHAT — quarterly history vs. share price
Quarterly hedge fund ownership of PHAT vs. share price

Market Analysis: PHAT

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: PHAT

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Phathom Pharmaceuticals Inc (PHAT) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much PHAT has moved relative to its sector benchmark (XLV) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 75d ago
PHAT
-6.7%
XLV
+4.9%

PHAT outperformed XLV by -11.6% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 30d ago
PHAT
-12.6%
XLV
+6.0%

Since the filing became public, PHAT outperformed XLV by -18.6% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

21 top-rated funds 4 high-conviction
Consensus
5.8
/ 10
breadth
×
Elite
4.5
/ 10
conviction
Hedge Fund Positioning: PHAT
172 + Investors

Track Smart Money conviction in PHAT. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 172 174 -1.15%
13F Shares 70M 63M 10.75%
Total Value $754M $1.04B -27.54%
New Positions 36 51 -15
Increased Positions 74 49 +25
Closed Positions 38 10 +28
Reduced Positions 39 51 -12
Total Calls 4 4 -
Total Puts 2 2 -
PUT/CALL Ratio 0.5 0.5 Bullish

Statistics: PHAT

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Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q1)

172 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in PHAT. Verified SEC 13F-HR filings.

QUARTER:
Top 25 PHAT holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Medicxi Ventures Management (Jersey) Ltd 8.45% 7,464,572 $82.9M
2 Catalys Pacific, LLC 7.19% 1,493,854 $16.6M
3 Propel Bio Management, LLC 5.90% 841,272 $9.4M
4 Penn Mutual Asset Management 3.57% 62,802 $698K
5 Frazier Life Sciences Management, L.P. 3.56% 12,466,489 $138.5M
6 StepStone Group LP 2.26% 422,085 $4.7M
7 NEA Management Company, LLC 1.24% 1,960,169 $21.8M
8 Birchview Capital, LP 1.23% 195,000 $2.2M
9 683 Capital Management, LLC 1.07% 1,850,000 $20.6M
10 Avidity Partners Management LP 0.63% 249,390 $2.8M
11 Catalio Capital Management, LP 0.58% 247,767 $2.8M
12 Carlyle Group Inc. 0.37% 3,496,808 $38.8M
13 SummitTX Capital, L.P. 0.35% 995,885 $11.1M
14 EcoR1 Capital, LLC 0.29% 625,000 $6.9M
15 Stonepine Capital Management, LLC 0.22% 50,010 $556K
16 Hussman Strategic Advisors, INC. 0.20% 84,000 $933K
17 Perceptive Advisors LLC 0.20% 925,000 $10.3M
18 Virtus Investment Advisers, LLC 0.18% 57,986 $644K
19 VARCOV Co. 0.16% 39,173 $435K
20 Persistent Asset Partners Ltd 0.11% 26,766 $297K
21 Diadema Partners LP 0.10% 54,650 $607K
22 Wasatch Advisors LP 0.10% 1,340,916 $14.9M
23 Primoris Wealth Advisors, LLC 0.09% 11,449 $127K
24 Hennion & Walsh Asset Management, Inc. 0.05% 145,932 $1.6M
25 Simplify Asset Management Inc. 0.04% 262,386 $2.9M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Phathom Pharmaceuticals Inc (PHAT)

What does the Smart Money Trend signal show for PHAT?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their PHAT positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for PHAT?

Slight buying edge — 59% buying: Last quarter: 112 funds bought or added vs 77 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for PHAT holders?

Strong quality — 25% AUM from major funds: 39 of 173 holders rank in the top 100 by AUM, accounting for 25% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held PHAT?

43% of holders stayed for 2+ years: 75 out of 173 hedge funds have held PHAT for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Phathom Pharmaceuticals Inc (PHAT) following the 2026 Q1 hedge fund 13F filings?

As of today, PHAT has moved -12.6% since the 2026 Q1 13F filing date (May 15, 2026), compared to +6.0% for the XLV sector ETF — an outperformance of -18.6%. Since the quarter end (March 31, 2026), PHAT has gained -6.7% vs +4.9% for XLV. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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