Stifel expects Phathom to ‘largely recover ground lost’ after FDA grants claim

Stifel notes that last December Phathom Pharmaceuticals (PHAT) filed a citizen’s petition to “proactively nudge” the FDA to update the Orange Book exclusivity period on Voquezna tablets and give it the same 10-year exclusivity granted to the Voquezna Dual and Triple Pak and that today the FDA granted the claim that the GAIN exclusivity should be extended to Voquenza tablets, which extends their market protections to 2032. Following this decision, the firm expects Phathom shares “will largely recover ground lost” during this period of uncertainty and “begin to reflect the strong Voquenza launch and continued underlying demand,” says the analyst, who reiterates a Buy rating and $28 price target on the shares.