Phathom Pharmaceuticals Upgraded by Barclays to Overweight With $18 Target

Barclays expert Jenna Davidner upgraded Phathom Pharmaceuticals (NASDAQ:PHAT) to Overweight from Equal Weight connected Friday, raising her terms people to $18 from $16. With the banal trading astatine $10.69 — down astir 32% year-to-date contempt beardown fundamentals — Barclays sees an charismatic introduction constituent up of what it expects to beryllium a meaningful measurement and gross ramp for the remainder of 2026.

Davidner acknowledges that Q1 medicine trends are "lighter," but argues the shares connection an charismatic introduction constituent up of the expected measurement and gross ramp for the remainder of the year. Crucially, Barclays believes play medicine information could service arsenic a affirmative near-term catalyst, and notes that statement gross expectations beryllium astatine the midpoint of the company's ain guidance — a setup the steadfast characterizes arsenic affirmative for the stock.

Phathom's sole commercialized asset, VOQUEZNA (vonoprazan), is simply a potassium-competitive acerb blocker approved for GERD and H. pylori treatment. Prescription momentum has been consistent: quarterly fills grew from ~127,000 successful Q1 2025 to ~273,000 successful Q4 2025, pushing cumulative totals past 1.1 cardinal prescriptions. That commercialized traction drove Q4 gross to $57.58 million, up 94.12% year-over-year, portion EPS of -$0.08 importantly bushed the -$0.42 statement estimate. Operating expenses fell to $55.87 cardinal from $85.27 cardinal a twelvemonth earlier, and nett currency usage narrowed to astir $5.2 cardinal successful Q4 from ~$14 cardinal successful Q3.