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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
FLSM
1
Frazier Life Sciences Management
California
$139M – – –
MVM
2
Medicxi Ventures Management
Jersey
$82.9M – – –
Invesco
3
Invesco
Georgia
$48M +$5.07M +401,614 +10%
BlackRock
4
BlackRock
New York
$45.1M +$6.4M +506,448 +14%
Millennium Management
5
Millennium Management
New York
$44.7M +$24.5M +1,940,729 +93%
CG
6
Carlyle Group
District of Columbia
$38.8M – – –
VCM
7
Vanguard Capital Management
Pennsylvania
$28.7M +$32.6M +2,583,636 New
NMC
8
NEA Management Company
Maryland
$21.8M – – –
6CM
9
683 Capital Management
New York
$20.6M +$821K +65,000 +4%
Ensign Peak Advisors
10
Ensign Peak Advisors
Utah
$18.1M -$9.15M -724,214 -31%
CP
11
Catalys Pacific
Japan
$16.6M +$819K +64,840 +5%
GKIM
12
GW&K Investment Management
Massachusetts
$15.8M +$1.45M +114,431 +9%
State Street
13
State Street
Massachusetts
$15.4M +$3M +237,354 +21%
WA
14
Wasatch Advisors
Utah
$14.9M +$117K +9,247 +0.7%
Geode Capital Management
15
Geode Capital Management
Massachusetts
$14.8M +$3.22M +254,611 +24%
NAMI
16
Nomura Asset Management International
Pennsylvania
$13.4M +$15.2M +1,205,369 New
SC
17
SummitTX Capital
Texas
$11.1M +$6.04M +478,065 +92%
Franklin Resources
18
Franklin Resources
California
$11M +$12.6M +994,504 New
PA
19
Perceptive Advisors
New York
$10.3M +$11.7M +925,000 New
Marshall Wace
20
Marshall Wace
United Kingdom
$9.56M +$10.9M +860,692 New
PBM
21
Propel Bio Management
California
$9.35M +$1.27M +100,354 +14%
VPM
22
Vanguard Portfolio Management
Pennsylvania
$7.4M +$8.41M +666,029 New
Goldman Sachs
23
Goldman Sachs
New York
$6.96M +$2.96M +234,151 +60%
EC
24
EcoR1 Capital
California
$6.94M +$7.89M +625,000 New
APM
25
Avidity Partners Management
Texas
$5.56M +$3.7M +292,704 +142%
1
2 3 4 5

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.