Phathom Pharmaceuticals, Inc.: which funds bought and sold

Institutions that bought and sold Phathom Pharmaceuticals shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 79 institutions that filed 13F reports for both quarters added to or opened positions in Phathom Pharmaceuticals, and 82 cut or closed them. Together they added a net 2.9M shares, +4.3% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 66K shares (−0.5%); index fund managers were net buyers of 931K shares (+8.3%). 21 opened a new position and 32 sold out entirely.

Bought, Q2 2026 79 institutions, 21 of them new holders Sold, Q2 2026 82 institutions, 32 of them sold out

Net change, all compared +2.9M shares (+4.3%)

Net change, active managers −66K shares (−0.5%), 13 bought, 23 sold

Buyers versus sellers

institutions compared, 192

79 bought 31 82 sold

Active managers and hedge funds 13 bought · 23 sold · −66K

Index fund managers 9 bought · 2 sold · +931K

Other institutions 57 bought · 57 sold · +2.1M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Goldman Sachs Group Inc	+1.2M +183.9%	1.8M	$19.3M
Point72 Asset Management, L.P. Hedge fund	+1.0M New position	1.0M	$11.1M
Franklin Resources Inc Active manager	+976K +98.2%	2.0M	$21.4M
Gw&K Investment Management, LLC	+746K +52.5%	2.2M	$23.5M
HSBC Holdings PLC	+710K New position	710K	$7.7M
Blackrock, Inc. Index funds	+463K +11.4%	4.5M	$49.1M
Nomura Asset Management International Inc.	+257K +21.4%	1.5M	$15.9M
Jane Street Group, LLC	+213K New position	213K	$2.3M
Propel Bio Management, LLC	+209K +24.9%	1.1M	$11.4M
State Street Corp Index funds	+199K +14.4%	1.6M	$17.2M
Opaleye Management Inc.	+186K New position	186K	$2M
Hennion & Walsh Asset Management, Inc.	+181K +124.3%	327K	$3.6M
Jump Financial, LLC	+165K +625.5%	192K	$2.1M
Jones Hill Capital LP	+161K New position	161K	$1.8M
Vanguard Portfolio Management LLC Index funds	+131K +19.6%	797K	$8.6M
Morgan Stanley	+123K +160.7%	200K	$2.2M
Wells Fargo & Company	+106K +229.6%	152K	$1.6M
Schroder Investment Management Group Active manager	+102K New position	102K	$1.1M
AQR Capital Management LLC Hedge fund	+79K +143.2%	135K	$1.5M
Arrowstreet Capital, Limited Partnership Hedge fund	+77K New position	77K	$838,879

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Point72 Asset Management, L.P. Hedge fund	+1.0M New position	1.0M	$11.1M
Franklin Resources Inc Active manager	+976K +98.2%	2.0M	$21.4M
Schroder Investment Management Group Active manager	+102K New position	102K	$1.1M
AQR Capital Management LLC Hedge fund	+79K +143.2%	135K	$1.5M
Arrowstreet Capital, Limited Partnership Hedge fund	+77K New position	77K	$838,879
Engineers Gate Manager LP Hedge fund	+44K +60.1%	118K	$1.3M
Quantbot Technologies LP Hedge fund	+43K New position	43K	$463,892
Two Sigma Investments, LP Hedge fund	+37K +7.7%	519K	$5.6M
Wellington Management Group LLP Active manager	+21K +18.4%	132K	$1.4M
Man Group PLC Hedge fund	+18K +60.4%	49K	$528,167

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Millennium Management LLC Hedge fund	−647K −16.1%	3.4M	$36.6M
Ensign Peak Advisors, Inc	−576K −35.4%	1.1M	$11.4M
Perceptive Advisors LLC Hedge fund	−393K −42.5%	532K	$5.8M
Avidity Partners Management LP	−299K −59.9%	200K	$2.2M
Invesco Ltd.	−292K −6.8%	4.0M	$43.7M
Susquehanna Portfolio Strategies, LLC	−268K Sold out	0	—
Catalio Capital Management, LP	−248K Sold out	0	—
Squarepoint Ops LLC Hedge fund	−244K −88.5%	32K	$342,806
Summittx Capital, L.P.	−206K −20.7%	790K	$8.6M
Citadel Advisors LLC Hedge fund	−198K −51.7%	185K	$2M
Marshall Wace, LLP Hedge fund	−195K −22.6%	666K	$7.2M
UBS Group AG	−156K −43.2%	205K	$2.2M
Birchview Capital, LP	−140K −71.8%	55K	$596,750
Trexquant Investment LP Hedge fund	−119K −40.7%	174K	$1.9M
Balyasny Asset Management L.P. Hedge fund	−95K Sold out	0	—
Freestone Grove Partners LP Hedge fund	−85K Sold out	0	—
Hussman Strategic Advisors, Inc.	−84K Sold out	0	—
Brevan Howard Capital Management LP Hedge fund	−80K −84.6%	15K	$158,399
Renaissance Technologies LLC Hedge fund	−79K −26.0%	226K	$2.5M
Susquehanna International Group, LLP	−75K −80.9%	18K	$192,316

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Millennium Management LLC Hedge fund	−647K −16.1%	3.4M	$36.6M
Perceptive Advisors LLC Hedge fund	−393K −42.5%	532K	$5.8M
Squarepoint Ops LLC Hedge fund	−244K −88.5%	32K	$342,806
Citadel Advisors LLC Hedge fund	−198K −51.7%	185K	$2M
Marshall Wace, LLP Hedge fund	−195K −22.6%	666K	$7.2M
Trexquant Investment LP Hedge fund	−119K −40.7%	174K	$1.9M
Balyasny Asset Management L.P. Hedge fund	−95K Sold out	0	—
Freestone Grove Partners LP Hedge fund	−85K Sold out	0	—
Brevan Howard Capital Management LP Hedge fund	−80K −84.6%	15K	$158,399
Renaissance Technologies LLC Hedge fund	−79K −26.0%	226K	$2.5M

New positions

largest by value

Institution	Shares	Value June 30, 2026
Point72 Asset Management, L.P.Hedge fund	1.0M	$11.1M
HSBC Holdings PLC	710K	$7.7M
Jane Street Group, LLC	213K	$2.3M
Opaleye Management Inc.	186K	$2M
Jones Hill Capital LP	161K	$1.8M
Schroder Investment Management GroupActive manager	102K	$1.1M
Arrowstreet Capital, Limited PartnershipHedge fund	77K	$838,879
Pale Fire Capital Se	50K	$539,386
Quantbot Technologies LPHedge fund	43K	$463,892
Nomura Holdings Inc	40K	$434,000

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Susquehanna Portfolio Strategies, LLC	268K	$3M
Catalio Capital Management, LP	248K	$2.8M
Balyasny Asset Management L.P.Hedge fund	95K	$1.1M
Freestone Grove Partners LPHedge fund	85K	$939,606
Hussman Strategic Advisors, Inc.	84K	$933,240
Burkehill Global Management, LPHedge fund	75K	$833,250
Aquatic Capital Management LLC	41K	$453,866
Algert Global LLCHedge fund	39K	$437,956
Varcov Co.	39K	$435,212
Tudor Investment Corp Et AlHedge fund	38K	$424,680

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 161
Ten largest holders: 61.2%
Index fund managers: 16.9%
Active managers and hedge funds: 19.3%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	13	23	4	9	−66K	−0.5%
Index fund managers	9	2	1	1	+931K	+8.3%
Other institutions	57	57	16	22	+2.1M	+4.7%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Phathom Pharmaceuticals.

Only managers that filed a holdings report for both quarters are compared (192 here). 3 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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