Phathom Pharmaceuticals, Inc. (PHAT)

Over the past six months, Phathom Pharmaceuticals' stock has been influenced by several events. The FDA granted Voquezna exclusivity through May 2032 and approved it for a broader range of uses. Phathom announced a public offering expected to generate approximately $130 million. The company reported Q2 2025 GAAP EPS of -$1.05, missing by $0.01, but revenue of $39.5M beat by $3.92M. The stock price was more than halved following the Q3 2024 earnings release, despite a 120% sequential quarterly increase in net revenues. Phathom reported strong Q4 and full-year 2024 financial results, with VOQUEZNA generating $55.3 million in net revenues. Q1 2025 net revenues were $28.5 million, slightly impacted by seasonal softness. Multiple analysts have issued "Buy" ratings on the stock, with a median target price of $17.0. PHAT stock reached a 52-week high of $17.12 in September 2024, but also experienced a -15.22% decrease over the last year as of October 2025.

Phathom Pharmaceuticals has experienced demand seasonality for its products, particularly VOQUEZNA, with "seasonal softness" in net revenues during Q1 2025. The company has reported consistent refills and a growing base of new prescribers, suggesting a generally increasing demand trend. The rollout of a cash-pay option for Medicare patients through BlinkRx has also brought in incremental new patients, indicating efforts to mitigate potential seasonal impacts and expand access.

Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. Founded in 2019 and headquartered in Florham Park, New Jersey, the company's main product is vonoprazan, a potassium-competitive acid blocker marketed as VOQUEZNA for conditions like Erosive Esophagitis and H. pylori infection. The company is also expanding its pipeline and exploring additional indications for vonoprazan, including a Phase 2 trial for Eosinophilic Esophagitis planned for Q2 2025.

Phathom Pharmaceuticals primarily operates in the United States and Canada, with its corporate office in Florham Park, New Jersey. The company in-licensed exclusive rights to vonoprazan for the U.S., Europe, and Canada from Takeda, which markets the product in Japan and other countries in Asia and Latin America.

Phathom Pharmaceuticals' brand reputation has been positively influenced by clinical and commercial developments for VOQUEZNA. Positive Phase 3 trial results for VOQUEZNA in treating nighttime GERD symptoms have bolstered its reputation. The company has achieved significant commercial progress, establishing VOQUEZNA as a differentiated treatment for GERD, supported by the "VOQUEZNA Can Kick Some Acid" campaign. FDA approvals for vonoprazan-based therapies and VOQUEZNA have enhanced the company's credibility. Wall Street analysts have generally maintained "Buy" ratings, indicating confidence in the company's prospects.

Phathom Pharmaceuticals' shares are distributed among institutional investors, individual shareholders, and company insiders. Institutional ownership stands at 83.99% as of October 2025. In Q2 2025, 59 institutional investors added shares, while 69 decreased their positions. Over the past six months, Phathom Pharmaceuticals insiders have traded PHAT stock on the open market 10 times, with 8 purchases and 2 sales.