Craig-Hallum analyst Chase Knickerbocker lowered the firm’s price target on Phathom Pharmaceuticals (PHAT) to $19 from $27 and keeps a Buy rating on the shares. The firm notes Phathom’s Q4 earnings beat expectations with revenue of $29.7M vs. the Street’s $24.9M, driven by strong prescription growth. Management expects Q1 revenue to be slightly lower due to seasonal factors and some modest inventory drawdowns at distributors. Craig-Hallum adjusts loss of exclusivity expectations to mid-2030 to price in worst-case scenario out of conservatism.
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