Phathom Pharmaceuticals
PHAT
117 hedge funds and large institutions have $551M invested in Phathom Pharmaceuticals in 2025 Q2 according to their latest regulatory filings, with 17 funds opening new positions, 43 increasing their positions, 37 reducing their positions, and 36 closing their positions.
37% more capital invested
Capital invested by funds: $401M → $551M (+$149M)
27% more call options, than puts
Call options by funds: $15.4M | Put options by funds: $12.1M
16% more repeat investments, than reductions
Existing positions increased: 43 | Existing positions reduced: 37
0% more funds holding in top 10
Funds holding in top 10: 6 → 6 (0)
9.71% less ownership
Funds ownership: 91.94% → 82.22% (-9.7%)
15% less funds holding
Funds holding: 137 → 117 (-20)
53% less first-time investments, than exits
New positions opened: 17 | Existing positions closed: 36
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FLSM
Frazier Life Sciences Management
Palo Alto,
California
|
+$13M |
| 2 |
Millennium Management
New York
|
+$9.56M |
| 3 |
CCM
Catalio Capital Management
New York
|
+$3.72M |
| 4 |
6CM
683 Capital Management
New York
|
+$3.65M |
| 5 |
MCM
Moore Capital Management
New York
|
+$3.32M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Jennison Associates
New York
|
-$44.2M |
| 2 |
TCM
Tang Capital Management
San Diego,
California
|
-$7.52M |
| 3 |
Morgan Stanley
New York
|
-$5.4M |
| 4 |
Jacobs Levy Equity Management
Florham Park,
New Jersey
|
-$3.74M |
| 5 |
Prudential Financial
Newark,
New Jersey
|
-$3.57M |
PHAT Hedge Fund Activity: Q2 2025 in Review
117 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Phathom Pharmaceuticals (PHAT) for Q2 2025, worth a combined $551M — up 37% from $401M a quarter earlier.
Sellers outnumbered buyers: 36 funds closed out of PHAT and 17 opened new positions — a net loss of 19 holders — while 37 trimmed existing stakes and 43 added.
The largest buyer was Frazier Life Sciences Management, adding an estimated $13M. The largest seller was Jennison Associates, exiting entirely with an estimated $44.2M sold.
- 117 institutional investors held Phathom Pharmaceuticals (PHAT) as of Q2 2025, down from 137 in Q1 2025.
- Funds reported $551M of Phathom Pharmaceuticals stock for Q2 2025, up 37% quarter-over-quarter.
- 17 funds opened new Phathom Pharmaceuticals positions in Q2 2025 and 36 closed out, a net change of -19 holders.
- The largest Phathom Pharmaceuticals buyer in Q2 2025 was Frazier Life Sciences Management, an estimated $13M added.
- The largest Phathom Pharmaceuticals seller in Q2 2025 was Jennison Associates, an estimated $44.2M sold.
Based on aggregated 13F filings for Q2 2025.