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Phathom Pharmaceuticals
PHAT

174 hedge funds and large institutions have $768M invested in Phathom Pharmaceuticals in 2026 Q1 according to their latest regulatory filings, with 38 funds opening new positions, 74 increasing their positions, 40 reducing their positions, and 35 closing their positions.

New
Increased
Maintained
Reduced
Closed

1,951% more call options, than puts

Call options by funds: $14.6M | Put options by funds: $713K

85% more repeat investments, than reductions

Existing positions increased: 74 | Existing positions reduced: 40

1% more funds holding

Funds holding: 172 → 174 (+2)

9% more first-time investments, than exits

New positions opened: 38 | Existing positions closed: 35

0.67% more ownership

Funds ownership: 87.07% → 87.74% (+0.67%)

13% less funds holding in top 10

Funds holding in top 10: 8 → 7 (-1)

25% less capital invested

Capital invested by funds: $1.03B → $768M (-$257M)

Holders
174
Holders Change
+2
Holders Change %
+1.16%
% of All Funds
2.14%
Holding in Top 10
7
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-12.5%
% of All Funds
0.09%
New
38
Increased
74
Reduced
40
Closed
35
Calls
$14.6M
Puts
$713K
Net Calls
+$13.9M
Net Calls Change
-$2.73M

Top Buyers

1
Millennium Management
Millennium Management
New York
+$24.5M
2
NAMI
Nomura Asset Management International
Pennsylvania
+$15.2M
3
Franklin Resources
Franklin Resources
California
+$12.6M
4
PA
Perceptive Advisors
New York
+$11.7M
5
Marshall Wace
Marshall Wace
United Kingdom
+$10.9M

Top Sellers

1
DSCM
Divisadero Street Capital Management
Florida
-$11M
2
MCM
Moore Capital Management
New York
-$9.95M
3
Ensign Peak Advisors
Ensign Peak Advisors
Utah
-$9.15M
4
NCGI
Next Century Growth Investors
Minnesota
-$6.53M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$5.76M
Name Holding Trade Value Shares
Change 		Change in
Stake
Two Sigma Investments
26
Two Sigma Investments
New York
$5.36M +$5.36M +424,353 +734%
SG
27
StepStone Group
California
$4.69M – – –
Northern Trust
28
Northern Trust
Illinois
$4.61M +$739K +58,490 +16%
Charles Schwab
29
Charles Schwab
California
$4.54M +$140K +11,105 +3%
Citadel Advisors
30
Citadel Advisors
Florida
$4.26M +$906K +71,743 +23%
WP
31
Woodline Partners
California
$4.1M +$2.3M +181,761 +97%
UBS Group
32
UBS Group
Switzerland
$4M +$707K +55,988 +18%
VFT
33
Vanguard Fiduciary Trust
Pennsylvania
$3.76M +$4.28M +338,713 New
Renaissance Technologies
34
Renaissance Technologies
New York
$3.4M +$3.86M +305,800 New
TI
35
Trexquant Investment
Connecticut
$3.26M +$1.98M +156,481 +114%
Squarepoint
36
Squarepoint
New York
$3.06M +$3.48M +275,161 New
JP Morgan Chase
37
JP Morgan Chase
New York
$3.03M -$117K -9,254 -3%
SPS
38
Susquehanna Portfolio Strategies
Pennsylvania
$2.98M – – –
SAM
39
Simplify Asset Management
Nevada
$2.92M -$752K -59,549 -18%
Ameriprise
40
Ameriprise
Minnesota
$2.82M +$865K +68,475 +37%
CCM
41
Catalio Capital Management
New York
$2.75M -$5.7M -451,229 -65%
Bank of America
42
Bank of America
North Carolina
$2.31M -$643K -50,881 -20%
BC
43
Birchview Capital
Vermont
$2.17M – – –
NA
44
NewEdge Advisors
Louisiana
$2.03M -$225K -17,823 -9%
XT
45
XTX Topco
Cayman Islands
$1.78M +$1.53M +121,101 +307%
HWAM
46
Hennion & Walsh Asset Management
New Jersey
$1.62M +$391K +30,951 +27%
GGHC
47
Gilder Gagnon Howe & Co
New York
$1.55M -$66.8K -5,285 -4%
D.E. Shaw & Co
48
D.E. Shaw & Co
New York
$1.47M -$1.62M -128,611 -49%
Bank of New York Mellon
49
Bank of New York Mellon
New York
$1.38M +$13.3K +1,051 +0.9%
N
50
Nuveen
North Carolina
$1.3M +$107K +8,455 +8%
1
2
3 4 5

PHAT Hedge Fund Activity: Q1 2026 in Review

174 of the 8,126 institutional investors tracked by Wall St. Rank reported a position in Phathom Pharmaceuticals (PHAT) for Q1 2026, worth a combined $768M — down 25% from $1.03B a quarter earlier.

Buyers outnumbered sellers: 38 funds opened new PHAT positions and 35 closed out — a net gain of 3 holders — while 74 added to existing stakes and 40 trimmed.

The largest buyer was Millennium Management, adding an estimated $24.5M. The largest seller was Divisadero Street Capital Management, exiting entirely with an estimated $11M sold.

  • 174 institutional investors held Phathom Pharmaceuticals (PHAT) as of Q1 2026, up from 172 in Q4 2025.
  • Funds reported $768M of Phathom Pharmaceuticals stock for Q1 2026, down 25% quarter-over-quarter.
  • 38 funds opened new Phathom Pharmaceuticals positions in Q1 2026 and 35 closed out, a net change of +3 holders.
  • The largest Phathom Pharmaceuticals buyer in Q1 2026 was Millennium Management, an estimated $24.5M added.
  • The largest Phathom Pharmaceuticals seller in Q1 2026 was Divisadero Street Capital Management, an estimated $11M sold.

Based on aggregated 13F filings for Q1 2026.