Analyst Joseph Stringer from Needham reiterated a Buy rating on Phathom Pharmaceuticals (PHAT – Research Report) and keeping the price target at $28.00.
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Joseph Stringer has given his Buy rating due to a combination of factors surrounding Phathom Pharmaceuticals. The recent approval by the FDA of the company’s Citizen’s Petition regarding Voquezna tablets has significantly boosted the stock, with shares trading up by over 95%. This approval also secures a 10-year New Chemical Entity exclusivity for Voquezna, extending its market exclusivity until May 2032, which is a major positive development for the company.
Stringer views this FDA decision as a pivotal moment for Phathom Pharmaceuticals, alleviating a significant overhang that had impacted the stock since November 2024. With this new support level, he anticipates that the stock price will rise further, potentially reaching the $15-18 per share range as investors reassess the company’s prospects. The strong launch and prescription trends for Voquezna further support this optimistic outlook, leading Stringer to reaffirm his Buy rating and a price target of $28.
In another report released today, Cantor Fitzgerald also maintained a Buy rating on the stock with a $29.00 price target.
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