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Phathom Pharmaceuticals price target raised to $29 from $23 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Phathom Pharmaceuticals (PHAT) to $29 from $23 and keeps an Overweight rating on the shares. The FDA has granted Phathom Pharmaceuticals 10-year exclusivity for Voquenza, which extends the exclusivity period to May 2032 instead of 2030, adding about $6 per share to the firm’s distributable cash flow estimates, the analyst tells investors in a research note. Cantor says the overhang has been removed and continues to view Voquenza as a “great” drug in the acid-suppression space with more room to grow.

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