Phathom Pharmaceuticals price target lowered to $22 from $30 at Guggenheim

Guggenheim analyst Yatin Suneja lowered the firm’s price target on Phathom Pharmaceuticals to $22 from $30 and keeps a Buy rating on the shares after having caught up with management after the company announced "positive" data from a Phase 3 daily-dosing trial of vonoprazan in Non-Erosive Gastroesophageal Reflux Disease, or NERD. The real opportunity in NERD is with an on-demand dosing protocol, said Suneja, who adds that "most investors" are focused on timing around vonoprazan’s NDA for erosive esophagitis and launches in HP and EE, if approved. Given the recent delay in FDA’s decision and uncertainty, she has pushed out her forecast for an estimated vono launch to 2024 from 2023 and "slightly" reduced her view of the odds of success to 90% from 95%, the analyst noted.