UPDATE: Goldman Sachs Upgrades Phathom Pharmaceuticals (PHAT) to Neutral
Goldman Sachs analyst Paul Choi upgraded Phathom Pharmaceuticals (NASDAQ: PHAT) from Sell to Neutral with a price target of $48.00 (from $40.00).
The analyst comments "Since adding the stock to the Sell list on June 26, 2020 (link), PHAT shares are down -4% versus +60% for the Russell 2000, and +13% for the XBI. In our view, the relative underperformance has broadly captured the widely positive expectations for the upcoming Phase 3 data. Recall, PHAT is investigating vonoprazan in the US/EU for the treatment of erosive esophagitis (EE) and H. pylori though the asset has been largely de-risked from a clinical perspective as it posted positive Phase 3 data from Japan studies and is already approved in that market."
Shares of Phathom Pharmaceuticals closed at $34.09 yesterday.
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