UPDATE: BMO Capital Starts Phathom Pharmaceuticals (PHAT) at Outperform
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BMO Capital analyst Gary Nachman initiates coverage on Phathom Pharmaceuticals (NASDAQ: PHAT) with a Outperform rating and a price target of $63.00.
The analyst comments "We’re initiating Phathom at Outperform and $63 target. Phathom is an exciting pureplay in gastroenterology (GI) with major catalysts this year. Vonoprazan Ph3 data for H. Pylori (HP) in 2Q21 and gastroesophageal reflux disorder (GERD) in 2H21 could show meaningful improvement over standard-of-care PPIs with its unique mechanism, addressing significant unmet needs in those large markets. Vonoprazan is considerably de-risked from clinical/regulatory and commercial perspectives given great success in Japan. We see compelling valuation with positive physician feedback and market model supporting $1.7bn revenue in 2030 with just modest penetration."
Shares of Phathom Pharmaceuticals closed at $42.80 yesterday.
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