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Phathom Pharmaceuticals
PHAT

133 hedge funds and large institutions have $734M invested in Phathom Pharmaceuticals in 2025 Q3 according to their latest regulatory filings, with 27 funds opening new positions, 45 increasing their positions, 28 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

4,033% more call options, than puts

Call options by funds: $14.3M | Put options by funds: $346K

145% more first-time investments, than exits

New positions opened: 27 | Existing positions closed: 11

61% more repeat investments, than reductions

Existing positions increased: 45 | Existing positions reduced: 28

33% more capital invested

Capital invested by funds: $551M → $734M (+$183M)

14% more funds holding

Funds holding: 117 → 133 (+16)

5.63% more ownership

Funds ownership: 82.22% → 87.86% (+5.6%)

0% more funds holding in top 10

Funds holding in top 10: 6 → 6 (0)

Holders
133
Holders Change
+16
Holders Change %
+13.68%
% of All Funds
1.75%
Holding in Top 10
6
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.08%
New
27
Increased
45
Reduced
28
Closed
11
Calls
$14.3M
Puts
$346K
Net Calls
+$14M
Net Calls Change
+$10.7M

Top Buyers

1
Millennium Management
Millennium Management
New York
+$29.2M
2
Citadel Advisors
Citadel Advisors
Florida
+$5.25M
3
CCM
Catalio Capital Management
New York
+$4.71M
4
ACM
AIGH Capital Management
Maryland
+$4.43M
5
Vanguard Group
Vanguard Group
Pennsylvania
+$4.42M

Top Sellers

1
APM
Avidity Partners Management
Texas
-$7.83M
2
Citigroup
Citigroup
New York
-$5.2M
3
PBM
Propel Bio Management
California
-$3.82M
4
SSA
Schonfeld Strategic Advisors
New York
-$2.94M
5
6CM
683 Capital Management
New York
-$2.94M
Name Holding Trade Value Shares
Change 		Change in
Stake
UBS Group
26
UBS Group
Switzerland
$3.98M -$837K -81,113 -19%
SAM
27
Simplify Asset Management
Nevada
$3.79M -$2.06M -200,000 -38%
APM
28
Avidity Partners Management
Texas
$3.6M -$7.83M -758,500 -71%
Balyasny Asset Management
29
Balyasny Asset Management
Illinois
$3.47M +$2.91M +281,979 +2,139%
Walleye Capital
30
Walleye Capital
New York
$3.42M +$3M +290,467 New
SPS
31
Susquehanna Portfolio Strategies
Pennsylvania
$3.15M – – –
Morgan Stanley
32
Morgan Stanley
New York
$3.01M +$1.04M +100,645 +65%
Bank of America
33
Bank of America
North Carolina
$2.93M +$1.58M +153,014 +159%
NA
34
NewEdge Advisors
Louisiana
$2.23M +$2.08M +201,523 New
WP
35
Woodline Partners
California
$2.2M – – –
Royal Bank of Canada
36
Royal Bank of Canada
Ontario, Canada
$1.91M +$46.5K +4,502 +3%
Susquehanna International Group
37
Susquehanna International Group
Pennsylvania
$1.82M +$207K +20,069 +15%
Goldman Sachs
38
Goldman Sachs
New York
$1.79M -$418K -40,494 -21%
Wellington Management Group
39
Wellington Management Group
Massachusetts
$1.72M +$1.51M +146,459 New
JP Morgan Chase
40
JP Morgan Chase
New York
$1.61M -$16.2K -1,568 -1%
Barclays
41
Barclays
United Kingdom
$1.51M +$477K +46,186 +56%
Bank of New York Mellon
42
Bank of New York Mellon
New York
$1.5M +$64.2K +6,216 +5%
N
43
Nuveen
North Carolina
$1.3M – – –
Jane Street
44
Jane Street
New York
$1.26M +$1.11M +107,262 New
GGHC
45
Gilder Gagnon Howe & Co
New York
$1.04M +$590K +57,184 +182%
BC
46
Birchview Capital
Vermont
$1M +$619K +60,000 +240%
TI
47
Trexquant Investment
Connecticut
$920K +$807K +78,183 New
Creative Planning
48
Creative Planning
Kansas
$919K +$215K +20,794 +36%
ECM
49
ExodusPoint Capital Management
New York
$839K +$579K +56,129 +371%
GCP
50
GSA Capital Partners
United Kingdom
$827K +$725K +70,258 New
1
2
3 4 5

PHAT Hedge Fund Activity: Q3 2025 in Review

133 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Phathom Pharmaceuticals (PHAT) for Q3 2025, worth a combined $734M — up 33% from $551M a quarter earlier.

Buyers outnumbered sellers: 27 funds opened new PHAT positions and 11 closed out — a net gain of 16 holders — while 45 added to existing stakes and 28 trimmed.

The largest buyer was Millennium Management, adding an estimated $29.2M. The largest seller was Avidity Partners Management, cutting an estimated $7.83M.

  • 133 institutional investors held Phathom Pharmaceuticals (PHAT) as of Q3 2025, up from 117 in Q2 2025.
  • Funds reported $734M of Phathom Pharmaceuticals stock for Q3 2025, up 33% quarter-over-quarter.
  • 27 funds opened new Phathom Pharmaceuticals positions in Q3 2025 and 11 closed out, a net change of +16 holders.
  • The largest Phathom Pharmaceuticals buyer in Q3 2025 was Millennium Management, an estimated $29.2M added.
  • The largest Phathom Pharmaceuticals seller in Q3 2025 was Avidity Partners Management, an estimated $7.83M sold.

Based on aggregated 13F filings for Q3 2025.