Phathom Pharmaceuticals price target lowered to $12 from $18 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Phathom Pharmaceuticals (PHAT) to $12 from $18 and keeps a Neutral rating on the shares after its FY24 results. The company’s product revenue topped estimates thanks to a rapid increase in the number of filled vonoprazan prescriptions, with the increase in prescription volume also driven by a greater number of unique prescribers, the analyst tells investors in a research note. A potential negative response to the Citizen’s Petition, submitted by Phathom to the FDA in December, remains a significant overhang for the stock that is unlikely to dissipate prior to the FDA response however, the firm added.