BMO Capital analyst Gary Nachman lowered the firm’s price target on Phathom Pharmaceuticals to $35 from $38 after the company’s disclosed that the FDA will not take action on the vonoprazan Erosive Esophagitis, EE, NDA on or before the PDUFA due to its request for additional stability data related to the nitrosamine impurity. With more clarity and precision on stability data needed, Nachman is pushing his anticipated launch to late 2023. The analyst keeps an Outperform rating on the shares however as Phathom management is pleased with progress on rest of EE review, with labeling discussions "almost finalized".
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on PHAT:
- Phathom Pharmaceuticals price target lowered to $25 from $38 at Needham
- PHAT Sinks after Disappointing Drug Application Update
- Phathom Pharmaceuticals down 25% after FDA notice of no action on vonoprazan NDA
- Phathom announces FDA notice that no action will be taken on vonoprazan NDA
- Phathom Pharmaceuticals Provides Update on New Drug Application Review of Vonoprazan for Erosive Esophagitis
