Phathom Pharmaceuticals
PHAT
137 hedge funds and large institutions have $401M invested in Phathom Pharmaceuticals in 2025 Q1 according to their latest regulatory filings, with 24 funds opening new positions, 47 increasing their positions, 37 reducing their positions, and 31 closing their positions.
33% more call options, than puts
Call options by funds: $915K | Put options by funds: $688K
27% more repeat investments, than reductions
Existing positions increased: 47 | Existing positions reduced: 37
5% less funds holding
Funds holding: 144 → 137 (-7)
5.58% less ownership
Funds ownership: 97.51% → 91.94% (-5.6%)
14% less funds holding in top 10
Funds holding in top 10: 7 → 6 (-1)
23% less first-time investments, than exits
New positions opened: 24 | Existing positions closed: 31
26% less capital invested
Capital invested by funds: $541M → $401M (-$140M)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
TCM
Tang Capital Management
San Diego,
California
|
+$4.25M |
| 2 |
Jacobs Levy Equity Management
Florham Park,
New Jersey
|
+$3.62M |
| 3 |
Citigroup
New York
|
+$2.95M |
| 4 |
Millennium Management
New York
|
+$2.81M |
| 5 |
6CM
683 Capital Management
New York
|
+$2.55M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CC
Checkpoint Capital
San Francisco,
California
|
-$18.5M |
| 2 |
DC
Decheng Capital
Menlo Park,
California
|
-$5.64M |
| 3 |
SL
Siren LLC
Greenwich,
Connecticut
|
-$3.74M |
| 4 |
Raymond James Financial
St Petersburg,
Florida
|
-$3.7M |
| 5 |
APM
Avidity Partners Management
Dallas,
Texas
|
-$3.58M |
PHAT Hedge Fund Activity: Q1 2025 in Review
137 of the 7,461 institutional investors tracked by Wall St. Rank reported a position in Phathom Pharmaceuticals (PHAT) for Q1 2025, worth a combined $401M — down 26% from $541M a quarter earlier.
Sellers outnumbered buyers: 31 funds closed out of PHAT and 24 opened new positions — a net loss of 7 holders — while 37 trimmed existing stakes and 47 added.
The largest buyer was Tang Capital Management, adding an estimated $4.25M. The largest seller was Checkpoint Capital, exiting entirely with an estimated $18.5M sold.
- 137 institutional investors held Phathom Pharmaceuticals (PHAT) as of Q1 2025, down from 144 in Q4 2024.
- Funds reported $401M of Phathom Pharmaceuticals stock for Q1 2025, down 26% quarter-over-quarter.
- 24 funds opened new Phathom Pharmaceuticals positions in Q1 2025 and 31 closed out, a net change of -7 holders.
- The largest Phathom Pharmaceuticals buyer in Q1 2025 was Tang Capital Management, an estimated $4.25M added.
- The largest Phathom Pharmaceuticals seller in Q1 2025 was Checkpoint Capital, an estimated $18.5M sold.
Based on aggregated 13F filings for Q1 2025.