Needham raised the firm’s price target on Phathom Pharmaceuticals (PHAT) to $26 from $23 and keeps a Buy rating on the shares. The analyst also added the shares to the firm’s Conviction List as a top pick for 2024, replacing Vaxcyte (PCVX). The firm believes Phathom shares will have a strong 2024 performance driven by the Voquezna launch in erosive gastroesophageal reflux disease and Voquezna U.S. approval and launch in non-erosive GERD in Q3. The shares have significant upside from current levels as the Voquezna launch progresses and label expansion into non-erosive is achieved, the analyst tells investors in a research note.
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Read More on PHAT:
- Phathom expands existing loan, security agreement with Hercules Capital
- Phathom Pharmaceuticals Announces FDA Acceptance for Filing of VOQUEZNA® (vonoprazan) Tablets New Drug Application for the Treatment of Heartburn Associated with Non-Erosive GERD
- Phathom Pharmaceuticals announces FDA acceptance for filing VOQUEZNA NDA
- Phathom Pharmaceuticals announces commercial availability of VOQUEZNA
- Phathom Pharmaceuticals Announces Commercial Availability of VOQUEZNA® (vonoprazan) Tablets, a Powerful First-In-Class PCAB for the Treatment of Erosive GERD and Relief of Associated Heartburn