El 14.77% de caída en las acciones de Phathom: ¿Una evaluación negativa en medio de una venta de acciones por 130 millones de dólares?

Summary
• Phathom (PHAT) plunges 14.77% intraday to $15.41, a 16.7% drop from its 52-week high of $18.31
• Company announces $130M public offering of 6.875M shares at $16.00/share, with underwriters' option to buy 1.218M additional shares
• Technicals show RSI at 67.8 (overbought), MACD near signal line, and Bollinger Bands squeezing toward $13.64 support
Phathom's sharp selloff on Thursday reflects investor anxiety over its $130M capital raise and widening losses. The stock opened at $15.99, briefly rallied to $16.06, then collapsed to $15.15 intraday. With a dynamic PE of -4.13 and $6M in Q4 2025 cash burn, the offering's dilutive impact and uncertain path to profitability are fueling bearish sentiment.

Capital-Raising Panic and Earnings Mismatch
Phathom's 14.77% intraday drop stems from a $130M public offering priced at $16.00/share—$1.59 below its previous close of $17.59. The offering, announced just two days prior, includes 6.875M shares and pre-funded warrants, with underwriters' option to buy 1.218M more. This aggressive dilution follows Q4 2025 results showing $57M in revenue but $59M in GAAP operating expenses. The $16.00 offering price, 8.3% below the 52-week high, signals financial stress. Meanwhile, the stock's 200-day MA at $10.11 and Bollinger Bands lower bound at $13.64 suggest technical support is fracturing as sentiment turns bearish.

Pharma Sector Steadies as Phathom Crumbles
Bearish Plays and ETF Positioning in a Volatile Setup
• State Street SPDR S&P Pharmaceuticals ETF (XPH): 0.326% up at $56.87, tracking sector breadth
• Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL): 0.189% up at $12.70, amplifies sector moves
• iShares U.S. Pharmaceuticals ETF (IHE): 0.464% up at $86.55, reflects broad pharma stability
• Invesco Dorsey Wright Healthcare Momentum ETF (PTH): -1.293% at $49.99, highlights momentum divergence
Technical indicators: 200-day MA at $10.11 (below price), RSI at 67.8 (overbought), MACD histogram -0.029 (bearish crossover), and Bollinger Bands squeezing toward $13.64 support. The 30-day MA at $15.77 and 200-day MA at $10.11 suggest a potential $14.50-15.50 trading range if the $13.64 level holds.
Top options:
• PHAT20260116P15 (Put): 15% leverage, -0.35 delta, 93.9% IV, -0.019 theta, 0.16 gamma, $240 turnover. This put benefits from a 5% downside to $14.64, yielding $0.36 payoff (2.3% of strike). High leverage and moderate delta make it ideal for a bearish breakout.
• PHAT20260116C15 (Call): 11.6% leverage, 0.64 delta, 101.2% IV, -0.091 theta, 0.15 gamma, $1,395 turnover. A 5% rebound to $16.18 triggers $0.78 payoff (5.2% of strike). Strong delta and liquidity suit a short-term recovery trade.
Aggressive bulls may consider PHAT20260116C15 into a bounce above $15.77, while bears should monitor the $13.64 support level. If $13.64 breaks, PHAT20260116P15 offers short-side potential.

Backtest Phathom Stock Performance
The backtest of PHAT's performance after a -15% intraday plunge from 2022 to now shows favorable results, with win rates and returns indicating the strategy's effectiveness:

Phathom at Crossroads: Capital-Raising vs. Technical Resilience
Phathom's 14.77% selloff reflects investor skepticism about its $130M capital raise and $6M quarterly cash burn. While the 200-day MA at $10.11 and Bollinger Bands lower bound at $13.64 suggest potential support, the 30-day MA at $15.77 and RSI at 67.8 indicate overbought conditions. Sector leader Johnson & Johnson (JNJ) is up 0.525%, highlighting pharma sector stability. Investors should watch the $13.64 level—break below triggers a test of the 200-day MA. For now, PHAT20260116P15 and PHAT20260116C15 offer directional exposure to a volatile setup. If $13.64 holds, a rebound to $15.77 is possible; if not, the 52-week low of $2.21 looms.