Phathom Pharmaceuticals initiated at Cantor Fitzgerald on ‘significant’ upside

Cantor Fitzgerald initiated coverage of Phathom Pharmaceuticals (PHAT) with an Overweight rating and $23 price target The firm cited “significant” upside from the current valuation for the rating, telling investors in a research note that the firm’s checks support that, at a minimum, Phathom has strong formulation and compound patents that provide protection into 2030, which the firm believes the Street is missing. While Phathom’s intellectual property remains a risk and has pressured the stock, Cantor says that if the company is successful in its Citizen Petition, “this could offer two more years of protection, and we believe shares would be worth $30.”