Phathom Pharmaceuticals, Inc. (PHAT)

Phathom Pharmaceuticals' stock has experienced several notable events over the past six months. The share price increased significantly from January 2025 to January 2026, but experienced a decrease in mid January 2026. The company reported its third-quarter 2025 financial results and appointed a new Chief Financial and Business Officer in October 2025. In November 2025, the first patient was dosed in a Phase 2 trial of vonoprazan for eosinophilic esophagitis (EoE). Analyst ratings have varied, with upgrades, reaffirmations of "buy" ratings, and initiation of "equal weight" coverage. In January 2026, the company announced a public offering to raise approximately $130 million and reported preliminary Q4 2025 sales exceeding estimates, updating its FY2025 revenue guidance. Management expects to achieve operating profitability in the second half of 2026.

Phathom Pharmaceuticals' products, particularly VOQUEZNA, have experienced some demand seasonality. In the first quarter of 2025, the company noted "typical seasonal headwinds," including annual insurance plan resets, holiday disruptions, and deductible renewals, which temporarily softened retail pharmacy volume. A seasonal chart analysis suggests a "Buy Date of January 11 and a Sell Date of May 3" has historically resulted in a geometric average return of 17.52% above the S&P 500 Total Return Index, but this is based on only five years of data.

Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. Its primary product is VOQUEZNA (vonoprazan), an oral small-molecule potassium-competitive acid blocker (P-CAB) used to treat conditions like heartburn associated with GERD and H. pylori infection. The company is also developing vonoprazan for other acid-related GI disorders.

Phathom Pharmaceuticals is headquartered in Florham Park, New Jersey, United States. It has licensed exclusive rights for vonoprazan in the United States, Europe, and Canada, and currently operates in the US and Canada.

Phathom Pharmaceuticals' brand reputation appears cautiously optimistic, particularly among analysts, with a "Moderate Buy" consensus rating and a consensus price target of $21.00. The continued launch momentum of VOQUEZNA, strategic focus on high-need gastroenterology segments, new indications for its products, and efforts to drive rapid adoption are seen as positive. Strategic cost reductions and executive leadership changes to support sustainable revenue growth and achieve operating profitability by 2026 are viewed favorably.

Phathom Pharmaceuticals is primarily owned by institutional shareholders, who hold approximately 87.63% of the company's stock. Insiders own about 45.92%, while retail investors hold 0.00%. Major institutional and individual owners include Frazier Life Sciences Management LP, Medicxi Ventures Management Jersey Ltd, James N. Topper, Millennium Management LLC, Invesco Ltd, Takeda Pharmaceutical Co Ltd, Carlyle Group Inc, and BlackRock Inc.