Shares of biopharmaceutical company Phantom Pharmaceuticals (NASDAQ:PHAT) are sliding in the pre-market session today after a slew of pipeline updates.
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PHAT’s Voquezna Triple Pak, Voquezna Dual Pak hae been approved for H. Pylori infection while its new drug application for vonoprazan for the treatment of ersive esophagitis is pending approval.
In relation to the trace levels of impurity found in the initial commercial launch materials, PHAT has undertaken extensive investigations and implemented mitigation steps. The company anticipates a meeting with the FDA in the first quarter to mull over a resubmission plan and timeline for the approval and launch of vonoprazan containing products.
Overall, Wall Street has a consensus price target of $28 on PHAT, implying a massive 142.21% potential upside in the stock. That’s after a 33.2% slide in the company’s share price over the past year.
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