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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
PMAM
51
Penn Mutual Asset Management
Pennsylvania
$739K – – –
RhumbLine Advisers
52
RhumbLine Advisers
Massachusetts
$726K -$29.4K -2,844 -4%
BHCM
53
Brevan Howard Capital Management
Jersey
$684K +$312K +30,263 +109%
IWA
54
Inspirion Wealth Advisors
Illinois
$662K +$174K +16,820 +85%
A
55
AlphaQuest
New York
$643K +$231K +22,388 +70%
XT
56
XTX Topco
Cayman Islands
$642K +$415K +40,257 +281%
Wells Fargo
57
Wells Fargo
California
$631K +$71.9K +6,970 +15%
AQR Capital Management
58
AQR Capital Management
Connecticut
$619K +$27.9K +2,705 +5%
AllianceBernstein
59
AllianceBernstein
Tennessee
$537K -$51.6K -5,000 -10%
VIA
60
Virtus Investment Advisers
Connecticut
$521K – – –
ACM
61
ADAR1 Capital Management
Texas
$505K -$212K -20,524 -32%
CAU
62
Caxton Associates (UK)
$454K +$398K +38,570 New
Tudor Investment Corp
63
Tudor Investment Corp
Connecticut
$401K +$352K +34,090 New
T. Rowe Price Associates
64
T. Rowe Price Associates
Maryland
$376K +$18.7K +1,815 +6%
PA
65
PharVision Advisers
Florida
$364K +$320K +30,968 New
Commonwealth Equity Services
66
Commonwealth Equity Services
Massachusetts
$360K -$9.7K -940 -3%
QC
67
Quadrature Capital
United Kingdom
$356K +$312K +30,272 New
KCP
68
Kera Capital Partners
California
$354K – – –
OAM
69
Occidental Asset Management
California
$349K – – –
Deutsche Bank
70
Deutsche Bank
Germany
$348K +$36K +3,493 +13%
MIM
71
MetLife Investment Management
New Jersey
$304K – – –
TAM
72
Tocqueville Asset Management
New York
$291K +$255K +24,700 New
SFWA
73
Summit Financial Wealth Advisors
Louisiana
$272K – – –
HF
74
HRT Financial
New York
$265K +$232K +22,521 New
IIM
75
INTECH Investment Management
Florida
$254K -$68.6K -6,651 -24%
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.