Phathom Pharmaceuticals initiated with a Strong Buy at Raymond James

Raymond James analyst Martin Auster initiated coverage of Phathom Pharmaceuticals (PHAT) with a Strong Buy rating and $28 price target Phathom is commercializing Voquezna, the first and only FDA-approved potassium competitive acid blocker for gastroesophageal reflux disease, with key advantages over existing standard-of-care therapies, the analyst noted. The firm sees an attractive long-term valuation risk/reward with a refocused commercial strategy and “impressive” expense rationalization this year, the analyst tells investors.