Needham & Company Starts Phathom Pharmaceuticals (PHAT) at Buy, Street High $40 PT

Needham & Company analyst Alan Carr initiates coverage on Phathom Pharmaceuticals (NASDAQ: PHAT) with a Buy rating and a price target of $40.00.

The analyst comments "Phathom is developing vonoprazan, a novel oral potassium-competitive acid blocker (PCAB) for the treatment of Erosive Esophagitis and H. pylori infection. The drug was launched by Takeda in Japan in 2015 after Phase 3 trials demonstrated benefits over standard of care proton pump inhibitors (PPIs) in both indications. Vonoprazan generated $321M in the past 6 months (+28.3% y/y). For strategic reasons, Takeda never developed the drug for North America and Europe. Phathom licensed rights from Takeda and is now initiating Phase 3 trials in Erosive Esophagitis and H. pylori infection for registration in the U.S., Canada, and Europe. We estimate initial U.S. launch with a specialty sales force in 2022 and U.S. peak sales in 2032 around $1.9-2.0B."

For an analyst ratings summary and ratings history on Phathom Pharmaceuticals click here. For more ratings news on Phathom Pharmaceuticals click here.

Shares of Phathom Pharmaceuticals closed at $24.27 yesterday.

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