We are live on ! Find out more
PHAT icon

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
Los Angeles Capital Management
101
Los Angeles Capital Management
California
$274K -$111K -8,749 -26%
SFWA
102
Summit Financial Wealth Advisors
Louisiana
$246K – – –
Mirae Asset Global ETFs Holdings
103
Mirae Asset Global ETFs Holdings
Hong Kong
$241K +$41.3K +3,272 +18%
Janus Henderson Group
104
Janus Henderson Group
United Kingdom
$239K – – –
IWA
105
Inspirion Wealth Advisors
Illinois
$221K +$1.26K +100 +0.5%
JG
106
Jain Global
New York
$203K -$43.9K -3,475 -16%
FT
107
Fiduciary Trust
Massachusetts
$201K +$25.6K +2,027 +13%
DFCM
108
Dark Forest Capital Management
Puerto Rico
$194K -$566K -44,788 -72%
LPL Financial
109
LPL Financial
California
$191K +$217K +17,207 New
Group One Trading
110
Group One Trading
Illinois
$188K -$1.1M -86,745 -84%
PA
111
Profund Advisors
Maryland
$183K +$11.6K +922 +6%
State of New Jersey Common Pension Fund D
112
State of New Jersey Common Pension Fund D
New Jersey
$178K +$202K +15,997 New
DS
113
DRW Securities
Illinois
$177K +$201K +15,921 New
SSA
114
Schonfeld Strategic Advisors
New York
$173K -$194K -15,330 -50%
Pathstone Holdings
115
Pathstone Holdings
New Jersey
$167K +$1.26K +100 +0.7%
BC
116
Bridgefront Capital
Texas
$166K -$25.6K -2,027 -12%
Lazard Asset Management
117
Lazard Asset Management
New York
$163K +$185K +14,671 New
KK
118
KLP Kapitalforvaltning
Norway
$156K – – –
CUAMC
119
China Universal Asset Management Company
China
$155K +$30.2K +2,391 +21%
ECM
120
ExodusPoint Capital Management
New York
$148K -$115K -9,108 -41%
Manulife (Manufacturers Life Insurance)
121
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$143K +$5.94K +470 +4%
ASRS
122
Arizona State Retirement System
Arizona
$143K +$12.5K +990 +8%
DTL
123
Dynamic Technology Lab
Singapore
$135K +$153K +12,111 New
QC
124
Quadrature Capital
United Kingdom
$134K +$153K +12,078 New
PFSRSONJ
125
Police & Firemen's Retirement System of New Jersey
New Jersey
$132K – – –
3 4
5
6 7

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.