Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Phathom Pharmaceuticals Inc (PHAT)

157 + 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
↓ -14
Streak
1Q ▼
Buyers last Q
49%

Smart Money Signals — PHAT

Based on 160 hedge funds · latest filing: 2026 Q2 · 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.
📊

High ownership — 92% of 3.0Y peak

92% of all-time peak
160 funds currently hold this stock — 92% of the 3.0-year high of 174 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
🚀

Fast accumulation — +32% more funds vs a year ago

fund count last 6Q
+39 new funds entered over the past year (+32% 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.
🟠

More sellers than buyers — 49% buying

84 buying87 selling
Last quarter: 87 funds reduced or exited vs 84 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️

Fewer new buyers each quarter (-13 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 24 → 51 → 36 → 23. 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.
🔒

49% of holders stayed for 2+ years

■ 49% conviction (2yr+) ■ 25% medium ■ 26% new
78 out of 160 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.
📊

Peak discovery — momentum slowing

20 → 24 → 51 → 36 → 23 new funds/Q
New funds entering each quarter: 24 → 51 → 36 → 23. PHAT is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Veteran-anchored — 55% veterans vs 30% newcomers

■ 55% veterans ■ 15% 1-2yr ■ 30% new
Entry-cohort mix of 168 holders: 92 (55%) are 2+ year veterans, 26 entered 1–2 years ago, and 50 (30%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 38% AUM from major funds

38% from top-100 AUM funds
43 of 158 holders rank in the top 100 by AUM, accounting for 38% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.6
out of 10
Low Exit Risk
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

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 Q2, 84 hedge funds were net buyers of PHAT (23 opened a new position, 61 added to an existing one), while 87 reduced or exited (50 trimmed, 37 sold completely) — a 49% buyer ratio, indicating roughly balanced activity. 38% of total institutional value in PHAT is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -14 funds (more exits than new entries). Total institutional holders: 160.

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

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

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

12 top-rated funds 4 high-conviction
Consensus
4.8
/ 10
breadth
×
Elite
4.6
/ 10
conviction
Hedge Fund Positioning: PHAT
157 + Investors

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

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 157 174 -9.77%
13F Shares 73M 70M 4.46%
Total Value $765M $755M 1.38%
New Positions 23 36 -13
Increased Positions 59 75 -16
Closed Positions 38 36 +2
Reduced Positions 48 39 +9
Total Calls 6 4 50.0%
Total Puts 4 2 100.0%
PUT/CALL Ratio 0.67 0.5 Bullish

Statistics: PHAT

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Institutional Holders (2026 Q2)

157 + 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 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Medicxi Ventures Management (Jersey) Ltd 45.65% 7,464,572 $81.0M
2 Catalys Pacific, LLC 7.06% 1,493,854 $16.2M
3 Propel Bio Management, LLC 5.96% 1,050,358 $11.4M
4 Penn Mutual Asset Management 3.50% 62,802 $681K
5 Frazier Life Sciences Management, L.P. 2.95% 12,466,489 $135.3M
6 NEA Management Company, LLC 1.34% 1,960,169 $21.3M
7 683 Capital Management, LLC 0.99% 1,850,000 $20.1M
8 Stonepine Capital Management, LLC 0.43% 85,010 $922K
9 Carlyle Group Inc. 0.38% 3,496,808 $37.9M
10 Jones Hill Capital LP 0.37% 161,486 $1.8M
11 Avidity Partners Management LP 0.35% 200,000 $2.2M
12 EcoR1 Capital, LLC 0.33% 625,000 $6.8M
13 Virtus Investment Advisers, LLC 0.28% 112,139 $1.2M
14 Birchview Capital, LP 0.28% 55,000 $597K
15 SummitTX Capital, L.P. 0.22% 789,550 $8.6M
16 StepStone Group LP 0.21% 422,085 $4.6M
17 Opaleye Management Inc. 0.18% 185,589 $2.0M
18 Diadema Partners LP 0.18% 129,950 $1.4M
19 Persistent Asset Partners Ltd 0.15% 47,663 $517K
20 Hennion & Walsh Asset Management, Inc. 0.10% 327,278 $3.6M
21 Wasatch Advisors LP 0.09% 1,307,247 $14.2M
22 Perceptive Advisors LLC 0.09% 532,000 $5.8M
23 Campbell & CO Investment Adviser LLC 0.04% 68,759 $746K
24 Pale Fire Capital SE 0.04% 49,713 $539K
25 Simplify Asset Management Inc. 0.04% 249,267 $2.7M
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?

More sellers than buyers — 49% buying: Last quarter: 87 funds reduced or exited vs 84 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for PHAT holders?

Strong quality — 38% AUM from major funds: 43 of 158 holders rank in the top 100 by AUM, accounting for 38% 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?

49% of holders stayed for 2+ years: 78 out of 160 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.

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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