Stifel Reiterates Buy Rating on Phathom (PHAT), PT $28, 'We leave our model unchanged, as our view reflected full 10-year exclusivity'

Stifel analyst Annabel Samimy reiterated a Buy rating and $28.00 price target on Phathom Pharmaceuticals (NASDAQ: PHAT).

The analyst comments "Voquezna Granted CP and Officially Gains 10-Year Exclusivity, Extending to 2032: Recall, last December PHAT filed a citizen’s petition/ CP 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 for H. pylori (5 years NCE + 5 years GAIN). While VOQUEZNA tablets had clear legal grounds for the same statutory 10 years as VOQUEZNA Paks (as exclusivity follows the single active moiety of vonoprazan), shares were severely punished—beyond what was the underlying value with only two years of exclusivity lost (patents to 2030). Today, the FDA granted PHAT’s claim that the GAIN exclusivity should be extended to Voquenza tablets, which extends their market protections to 2032. We expect with this decision, PHAT will largely recover ground lost (dropping from highs of ~$19 in September 2024) during this period of uncertainty and begin to reflect the strong Voquenza launch and continued underlying demand. We leave our model unchanged, as our view reflected full 10-year exclusivity. Reiterate Buy. $28 TP. "

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 $4.69 yesterday.

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