Who owns Phathom Pharmaceuticals (PHAT)
Which tracked institutional funds hold PHAT, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See PHAT company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-09-22). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
29 tracked funds added or opened PHAT while 37 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
PHAT’s largest tracked holder by dollar value, Frazier Life Sciences Management, L.P., sizes it at 2.9% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 2.9pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in PHAT divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 156 tracked filers holding PHAT, 80 increased or opened the position and 86 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in PHAT between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 8
- Point72 Asset Management, L.P.$11M
- HSBC HOLDINGS PLC$8M
- JANE STREET GROUP, LLC$2M
- Opaleye Management Inc.$2M
- Jones Hill Capital LP$2M
- SCHRODER INVESTMENT MANAGEMENT GROUP$1M
Full exits 9
- GW&K Investment Management, LLC$16M
- Susquehanna Portfolio Strategies, LLC$3M
- Catalio Capital Management, LP$3M
- GSA CAPITAL PARTNERS LLP$1M
- BALYASNY ASSET MANAGEMENT L.P.$1M
- Freestone Grove Partners LP$940K
Largest adds
- GOLDMAN SACHS GROUP INC$12M
- FRANKLIN RESOURCES INC$10M
- BlackRock, Inc.$4M
- NOMURA ASSET MANAGEMENT INTERNATIONAL INC.$2M
- Propel Bio Management, LLC$2M
- NewEdge Advisors, LLC$2M
Largest trims
- MILLENNIUM MANAGEMENT LLC$8M
- Ensign Peak Advisors, Inc$7M
- PERCEPTIVE ADVISORS LLC$5M
- Frazier Life Sciences Management, L.P.$3M
- Squarepoint Ops LLC$3M
- SummitTX Capital, L.P.$2M
Institutional holders
One row per tracked fund, most shares held first (every row is from one quarter; reported value breaks ties). “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding.
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Frazier Life Sciences Management, L.P. | 12,466,489 | $135M | 18.0% | 2026-Q2 |
| Medicxi Ventures Management (Jersey) Ltd | 7,464,572 | $81M | 10.8% | 2026-Q2 |
| BlackRock, Inc. added | 4,525,129 | $49M | 6.5% | 2026-Q2 |
| Invesco Ltd. added | 4,029,731 | $44M | 5.8% | 2026-Q2 |
| Carlyle Group Inc. | 3,496,808 | $38M | 5.0% | 2026-Q2 |
| MILLENNIUM MANAGEMENT LLC trimmed | 3,375,834 | $37M | 4.9% | 2026-Q2 |
| VANGUARD CAPITAL MANAGEMENT LLC added | 2,656,944 | $29M | 3.8% | 2026-Q2 |
| FRANKLIN RESOURCES INC added | 1,970,828 | $21M | 2.8% | 2026-Q2 |
| NEA Management Company, LLC | 1,960,169 | $21M | 2.8% | 2026-Q2 |
| 683 Capital Management, LLC | 1,850,000 | $20M | 2.7% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC added | 1,778,032 | $19M | 2.6% | 2026-Q2 |
| STATE STREET CORP added | 1,586,323 | $17M | 2.3% | 2026-Q2 |
| Catalys Pacific, LLC | 1,493,854 | $16M | 2.2% | 2026-Q2 |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. added | 1,462,738 | $16M | 2.1% | 2026-Q2 |
| GEODE CAPITAL MANAGEMENT, LLC trimmed | 1,315,687 | $14M | 1.9% | 2026-Q2 |
| WASATCH ADVISORS LP trimmed | 1,307,247 | $14M | 1.9% | 2026-Q2 |
| Ensign Peak Advisors, Inc trimmed | 1,051,913 | $11M | 1.5% | 2026-Q2 |
| Propel Bio Management, LLC added | 1,050,358 | $11M | 1.5% | 2026-Q2 |
| Point72 Asset Management, L.P. added | 1,022,193 | $11M | 1.5% | 2026-Q2 |
| VANGUARD PORTFOLIO MANAGEMENT LLC added | 796,631 | $9M | 1.1% | 2026-Q2 |
| SummitTX Capital, L.P. trimmed | 789,550 | $9M | 1.1% | 2026-Q2 |
| HSBC HOLDINGS PLC new | 709,695 | $8M | 1.0% | 2026-Q2 |
| MARSHALL WACE, LLP trimmed | 666,090 | $7M | 1.0% | 2026-Q2 |
| EcoR1 Capital, LLC | 625,000 | $7M | 0.9% | 2026-Q2 |
| PERCEPTIVE ADVISORS LLC trimmed | 532,000 | $6M | 0.8% | 2026-Q2 |
| TWO SIGMA INVESTMENTS, LP added | 519,076 | $6M | 0.7% | 2026-Q2 |
| NORTHERN TRUST CORP added | 458,301 | $5M | 0.7% | 2026-Q2 |
| StepStone Group LP | 422,085 | $5M | 0.6% | 2026-Q2 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC added | 419,094 | $5M | 0.6% | 2026-Q2 |
| Woodline Partners LP | 369,052 | $4M | 0.5% | 2026-Q2 |
| VANGUARD FIDUCIARY TRUST CO added | 354,573 | $4M | 0.5% | 2026-Q2 |
| Hennion & Walsh Asset Management, Inc. added | 327,278 | $4M | 0.5% | 2026-Q2 |
| AMERIPRISE FINANCIAL INC added | 293,979 | $3M | 0.4% | 2026-Q2 |
| JPMORGAN CHASE & CO trimmed | 275,251 | $3M | 0.4% | 2026-Q2 |
| Simplify Asset Management Inc. trimmed | 249,267 | $3M | 0.4% | 2026-Q2 |
| RENAISSANCE TECHNOLOGIES LLC trimmed | 226,400 | $2M | 0.3% | 2026-Q2 |
| JANE STREET GROUP, LLC trimmed | 212,706 | $2M | 0.3% | 2026-Q2 |
| UBS Group AG trimmed | 204,573 | $2M | 0.3% | 2026-Q2 |
| NewEdge Advisors, LLC added | 203,962 | $2M | 0.3% | 2026-Q2 |
| Avidity Partners Management LP trimmed | 200,000 | $2M | 0.3% | 2026-Q2 |
| MORGAN STANLEY added | 199,909 | $2M | 0.3% | 2026-Q2 |
| Jump Financial, LLC added | 191,866 | $2M | 0.3% | 2026-Q2 |
| Opaleye Management Inc. new | 185,589 | $2M | 0.3% | 2026-Q2 |
| CITADEL ADVISORS LLC trimmed | 184,901 | $2M | 0.3% | 2026-Q2 |
| Trexquant Investment LP trimmed | 173,884 | $2M | 0.3% | 2026-Q2 |
| Jones Hill Capital LP new | 161,486 | $2M | 0.2% | 2026-Q2 |
| Bank of New York Mellon Corp added | 152,313 | $2M | 0.2% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN added | 152,002 | $2M | 0.2% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ trimmed | 151,015 | $2M | 0.2% | 2026-Q2 |
| XTX Topco Ltd trimmed | 135,832 | $1M | 0.2% | 2026-Q2 |
| AQR CAPITAL MANAGEMENT LLC added | 134,901 | $1M | 0.2% | 2026-Q2 |
| WELLINGTON MANAGEMENT GROUP LLP added | 132,284 | $1M | 0.2% | 2026-Q2 |
| DIADEMA PARTNERS LP added | 129,950 | $1M | 0.2% | 2026-Q2 |
| Nuveen, LLC added | 127,127 | $1M | 0.2% | 2026-Q2 |
| Engineers Gate Manager LP added | 118,257 | $1M | 0.2% | 2026-Q2 |
| Virtus Investment Advisers, LLC added | 112,139 | $1M | 0.2% | 2026-Q2 |
| Russell Investments Group, Ltd. added | 102,754 | $1M | 0.1% | 2026-Q2 |
| SCHRODER INVESTMENT MANAGEMENT GROUP new | 101,745 | $1M | 0.1% | 2026-Q2 |
| Stratos Wealth Partners, LTD. | 100,000 | $1M | 0.1% | 2026-Q2 |
| Swiss National Bank added | 98,800 | $1M | 0.1% | 2026-Q2 |
| D. E. Shaw & Co., Inc. trimmed | 95,660 | $1M | 0.1% | 2026-Q2 |
| GILDER GAGNON HOWE & CO LLC trimmed | 88,134 | $956K | 0.1% | 2026-Q2 |
| Stonepine Capital Management, LLC added | 85,010 | $922K | 0.1% | 2026-Q2 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP new | 77,316 | $839K | 0.1% | 2026-Q2 |
| Campbell & CO Investment Adviser LLC added | 68,759 | $746K | 0.1% | 2026-Q2 |
| PRICE T ROWE ASSOCIATES INC /MD/ added | 65,722 | $714K | 0.1% | 2026-Q2 |
| Penn Mutual Asset Management | 62,802 | $681K | 0.1% | 2026-Q2 |
| STATE OF WISCONSIN INVESTMENT BOARD added | 62,283 | $676K | 0.1% | 2026-Q2 |
| RHUMBLINE ADVISERS added | 60,346 | $655K | 0.1% | 2026-Q2 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 55,788 | $605K | 0.1% | 2026-Q2 |
| Birchview Capital, LP trimmed | 55,000 | $597K | 0.1% | 2026-Q2 |
| CITIGROUP INC added | 52,945 | $574K | 0.1% | 2026-Q2 |
| STIFEL FINANCIAL CORP trimmed | 52,832 | $573K | 0.1% | 2026-Q2 |
| Creative Planning trimmed | 52,750 | $572K | 0.1% | 2026-Q2 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM added | 51,787 | $562K | 0.1% | 2026-Q2 |
| DEUTSCHE BANK AG\ added | 50,205 | $545K | 0.1% | 2026-Q2 |
| Pale Fire Capital SE new | 49,713 | $539K | 0.1% | 2026-Q2 |
| ALLIANCEBERNSTEIN L.P. trimmed | 49,290 | $548K | 0.1% | 2026-Q2 |
| Man Group plc added | 48,679 | $528K | 0.1% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC added | 48,024 | $521K | 0.1% | 2026-Q2 |
| Persistent Asset Partners Ltd added | 47,663 | $517K | 0.1% | 2026-Q2 |
| ADAR1 Capital Management, LLC | 42,900 | $465K | 0.1% | 2026-Q2 |
| Quantbot Technologies LP added | 42,755 | $464K | 0.1% | 2026-Q2 |
| BARCLAYS PLC added | 41,777 | $453K | 0.1% | 2026-Q2 |
| NOMURA HOLDINGS INC new | 40,000 | $434K | 0.1% | 2026-Q2 |
| Y-Intercept (Hong Kong) Ltd added | 39,845 | $432K | 0.1% | 2026-Q2 |
| Fiduciary Trust Co added | 35,731 | $388K | 0.1% | 2026-Q2 |
| ALLSTATE CORP added | 32,875 | $357K | 0.0% | 2026-Q2 |
| Legal & General Group Plc added | 32,738 | $355K | 0.0% | 2026-Q2 |
| Squarepoint Ops LLC trimmed | 31,595 | $343K | 0.0% | 2026-Q2 |
| VANGUARD ASSET MANAGEMENT, Ltd | 28,506 | $309K | 0.0% | 2026-Q2 |
| MetLife Investment Management, LLC added | 28,107 | $305K | 0.0% | 2026-Q2 |
| Kera Capital Partners, Inc. | 26,826 | $291K | 0.0% | 2026-Q2 |
| Zurcher Kantonalbank (Zurich Cantonalbank) added | 25,838 | $280K | 0.0% | 2026-Q2 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. added | 22,647 | $246K | 0.0% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC trimmed | 22,535 | $244K | 0.0% | 2026-Q2 |
| Summit Financial Wealth Advisors, LLC | 22,143 | $240K | 0.0% | 2026-Q2 |
| Jupiter Topco LLC new | 21,500 | $233K | 0.0% | 2026-Q2 |
| Vanguard Global Advisers, LLC trimmed | 20,769 | $225K | 0.0% | 2026-Q2 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC new | 18,731 | $236K | 0.0% | 2026-Q2 |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.