Phathom Pharmaceuticals

PHAT · NASDAQ

$7.31+$0.30 (+4.28%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $7.01

PHAT analyst rating

BuyConsensus of 5 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy4
Hold1
Underperform0
Sell0

12-month price target · 12 analysts

Average $20.91 (+186.0% upside)

Low: $10.10
Now: $7.31
High: $30.45

Upgrades and downgrades

The latest rating actions, newest first

PHAT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Leerink Partners	Sep 9, 2026	Initiates	Market Perform	$10.00	58%
Barclays	Aug 17, 2026	Maintains	Overweight	$18.00 → $14.00	53%
Guggenheim	Jul 31, 2026	Maintains	Buy	$25.00 → $22.00	49%
HC Wainwright & Co.	Jul 31, 2026	Maintains	Buy	$26.00	47%
Needham	Jul 30, 2026	Maintains	Buy	$28.00 → $22.00	47%
HC Wainwright & Co.	Jun 17, 2026	Maintains	Buy	$26.00	47%
Barclays	Mar 27, 2026	Upgrade	Equal-Weight → Overweight	$16.00 → $18.00	53%
Guggenheim	Feb 27, 2026	Maintains	Buy	$20.00 → $25.00	49%
Barclays	Dec 9, 2025	Initiates	Equal-Weight	$16.00	53%
HC Wainwright & Co.	Oct 31, 2025	Maintains	Buy	$20.00 → $26.00	47%

The case for and against

Updated Oct 16, 2026

Bull case

Phathom Pharmaceuticals is viewed positively because VOQUEZNA is showing differentiated clinical efficacy versus PPIs, with rapid, durable acid suppression, strong healing and maintenance data, and clear benefit in severe GERD and H. pylori regimens. Commercially, management has already sharpened its strategy, cutting OpEx in May 2025, focusing on GI prescribers, and supporting a revenue ramp from $55MM in 2024 to 2026 guidance of $310–325MM, with 2026 expected to be the first year of EBITDA profitability. Upside is reinforced by a sizable GI opportunity, potential EoE expansion, and the prospect that a tegoprazan launch and easing access frictions could broaden the P-CAB market rather than simply take share.

Bear case

Phathom Pharmaceuticals is viewed negatively because VOQUEZNA’s 2026 growth has already run below launch expectations, with access friction, physician frustration, and sampling-dependent adoption signaling execution risk rather than durable demand. Its near-term outlook is further clouded by a 2027 tegoprazan launch that could pressure share and pricing, while the company’s $300MM secured Hercules term loan, backed by virtually all assets, adds meaningful covenant and refinancing risk if cash or performance deteriorates. Even with projected 2026 sales of $312MM and peak sales of $1.14Bn in 2032, the revenue trajectory appears vulnerable to competition, formulary constraints, and a possible delay in growth reacceleration.

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