Phathom Pharmaceuticals (PHAT) PT Raised to $12 at Goldman Sachs

Goldman Sachs analyst Paul Choi raised the price target on Phathom Pharmaceuticals (NASDAQ: PHAT) to $12.00 (from $10.00) while maintaining a Neutral rating.

The analyst comments "Topline beat for Voquezna reflects commercial progress though sales remain nominal. PHAT announced its 2Q24 financial results this morning, with topline revenue of its Voquezna asset coming in at $7.3mn and beating GSe/Visible Alpha (VA) consensus expectations of $5.5mn/$5.7mn. As of July 26, the company says a cumulative 122,000 Rx have been written, with about 60,000 Rx filled to date, representing an overall fill rate of about 49% (vs. about 41% as of April 19) and that commercial coverage had increased to about 77% (vs. 48% as of its previous quarterly update). Overall, we are encouraged by the gradual commercial progress of Voquezna as well as the recent expansion of commercial coverage, though we await normalization of commercial trends, GTN, and stocking dynamics, as well as the materializing of a potential inflection point in net sales in the back half of the year before gaining full conviction on the asset's commercial potential and on the stock overall. Details within. Maintain Neutral but increase 12-month PT to $12 (from $10)."

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