Phathom Pharmaceuticals
PHAT
172 hedge funds and large institutions have $1.03B invested in Phathom Pharmaceuticals in 2025 Q4 according to their latest regulatory filings, with 49 funds opening new positions, 49 increasing their positions, 50 reducing their positions, and 10 closing their positions.
1,406% more call options, than puts
Call options by funds: $17.8M | Put options by funds: $1.18M
390% more first-time investments, than exits
New positions opened: 49 | Existing positions closed: 10
40% more capital invested
Capital invested by funds: $734M → $1.03B (+$292M)
33% more funds holding in top 10
Funds holding in top 10: 6 → 8 (+2)
29% more funds holding
Funds holding: 133 → 172 (+39)
0.79% less ownership
Funds ownership: 87.86% → 87.07% (-0.79%)
2% less repeat investments, than reductions
Existing positions increased: 49 | Existing positions reduced: 50
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DSCM
Divisadero Street Capital Management
Miami,
Florida
|
+$9.46M |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$5.64M |
| 3 |
NCGI
Next Century Growth Investors
Plymouth,
Minnesota
|
+$5.62M |
| 4 |
Jane Street
New York
|
+$3.96M |
| 5 |
CP
Catalys Pacific
Tokyo,
Japan
|
+$3.74M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Millennium Management
New York
|
-$42.8M |
| 2 |
CCM
Catalio Capital Management
New York
|
-$6.13M |
| 3 |
Ameriprise
Minneapolis,
Minnesota
|
-$5.27M |
| 4 |
ACM
AIGH Capital Management
Baltimore,
Maryland
|
-$5.05M |
| 5 |
Walleye Capital
New York
|
-$3.42M |
PHAT Hedge Fund Activity: Q4 2025 in Review
172 of the 8,225 institutional investors tracked by Wall St. Rank reported a position in Phathom Pharmaceuticals (PHAT) for Q4 2025, worth a combined $1.03B — up 40% from $734M a quarter earlier.
Buyers outnumbered sellers: 49 funds opened new PHAT positions and 10 closed out — a net gain of 39 holders — while 49 added to existing stakes and 50 trimmed.
The largest buyer was Divisadero Street Capital Management, opening a new position worth an estimated $9.46M. The largest seller was Millennium Management, cutting an estimated $42.8M.
- 172 institutional investors held Phathom Pharmaceuticals (PHAT) as of Q4 2025, up from 133 in Q3 2025.
- Funds reported $1.03B of Phathom Pharmaceuticals stock for Q4 2025, up 40% quarter-over-quarter.
- 49 funds opened new Phathom Pharmaceuticals positions in Q4 2025 and 10 closed out, a net change of +39 holders.
- The largest Phathom Pharmaceuticals buyer in Q4 2025 was Divisadero Street Capital Management, an estimated $9.46M added.
- The largest Phathom Pharmaceuticals seller in Q4 2025 was Millennium Management, an estimated $42.8M sold.
Based on aggregated 13F filings for Q4 2025.