Jennison Associates Reports a 10.4% PHAT Stake

The most significant insider transaction of the day was disclosed in a 13G by Jennison Associates LLC. The investment company reported an initial 10.40% stake in Phathom Pharmaceuticals $PHAT.

Jennison manages approximately $194 billion in assets across diverse portfolios.

They invest in high-growth areas like biotechnology. And when they make a big splash like this, it’s worth paying attention to.

As you can see, PHAT is resolving higher from a bearish-to-bullish reversal pattern:

As long as we’re above the 2023 high, the breakout is intact and the path of least resistance is higher.

Here’s The Hot Corner, with data from November 4, 2024:

Arturo R. Moreno, the owner of Major League Baseball’s Los Angeles Angels, acquired nearly 2 million shares of Clear Channel Outdoor Holdings, Inc. $CCO, worth about $2.78 million.

Last but not least, the president and CEO of Columbus McKinnon Corporation $CMCO revealed a $1,002,155 purchase of his own company's stock.

When the CEO steps in, it’s usually because they have full confidence in the company and the stock price has room to run.