Needham notes that Phathom Pharmaceuticals (PHAT) is trading up 95%-plus this afternoon, following the company’s announcement that the food and drug administration has approved the company’s Citizen’s Petition regarding Voquezna tablets. FDA has also communicated its intention to correct the Orange Book listing to reflect the full 10-year NCE exclusivity. This extends Voquezna’s market exclusivity through 5/3/2032. Needham notes the CP/exclusivity issue had been a massive overhang on the stock since November 2024, but it views the news as clearly a best-case scenario and a significant clearing event for the stock. The firm believes Phathom Pharmaceuticals’ shares now have a new support level, and thinks shares will move higher in the coming weeks as investors digest the news and take a fresh look at the story, which Needham believes is quite compelling given the strong Voquezna launch and TRx trends. The firm has a Buy rating on the shares with a price target of $28.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PHAT:
- Phathom Pharmaceuticals price target raised to $29 from $23 at Cantor Fitzgerald
- Stifel expects Phathom to ‘largely recover ground lost’ after FDA grants claim
- Phathom says FDA to correct Orange Book for Voquenza exclusivity
- Phathom jumps 124% to $10.49 after FDA corrects Voquenza exclusivity
- Largest borrow rate increases among liquid names
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue