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.
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)
Top Buyers
| 1 |
Millennium Management
New York
|
+$24.5M |
| 2 |
NAMI
Nomura Asset Management International
Philadelphia,
Pennsylvania
|
+$15.2M |
| 3 |
Franklin Resources
San Mateo,
California
|
+$12.6M |
| 4 |
PA
Perceptive Advisors
New York
|
+$11.7M |
| 5 |
Marshall Wace
London,
United Kingdom
|
+$10.9M |
Top Sellers
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
201
Federated Hermes
Pittsburgh,
Pennsylvania
| – | -$9.11K | -549 | Closed |
|
|
QT
202
Quantbot Technologies
New York
| – | -$8.88K | -535 | Closed |
|
|
MA
203
MCF Advisors
Covington,
Kentucky
| – | -$7.4K | -446 | Closed |
|
204
Daiwa Securities Group
Tokyo,
Japan
| – | -$4K | -260 | Closed |
|
|
FFO
205
Fortitude Family Office
Scottsdale,
Arizona
| – | -$3.45K | -208 | Closed |
|
|
CIAM
206
Caitong International Asset Management
Hong Kong
| – | -$465 | -28 | Closed |
|
|
C
207
Covestor
London,
United Kingdom
| – | -$101 | -8 | -50% |
|
|
AAP
208
Arax Advisory Partners
Denver,
Colorado
| – | -$100 | -6 | Closed |
|
|
EP
209
Essential Partners
Rancho Santa Fe,
California
| – | -$100 | -6 | Closed |
|
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.