Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) director Asit Parikh recently acquired 10,000 shares of the company's common stock, according to a recent SEC filing. The timing is notable as the stock has declined 15% in the past week and 30% over six months, with InvestingPro analysis indicating oversold conditions. The shares were purchased at a weighted average price of approximately $8.12 each, with transaction prices ranging from $7.9999 to $8.2496. This acquisition, valued at $81,248, increases Parikh's total holdings to 75,500 shares. The transaction reflects Parikh's direct ownership in the company. With analyst price targets ranging from $17 to $28 and InvestingPro data suggesting the stock is currently undervalued, this insider purchase aligns with potential upside opportunities. Discover more insights and 8 additional ProTips with an InvestingPro subscription.
In other recent news, Phathom Pharmaceuticals has been making strategic moves and experiencing significant developments. The company recently filed a Citizen's Petition with the FDA, seeking alignment of the exclusivity period for its VOQUEZNA tablets with that of the VOQUEZNA Dual and Triple Pak, currently set at 10 years. This decision was made based on the advice of legal and regulatory consultants.
Phathom Pharmaceuticals reported a significant revenue outperformance in its third-quarter earnings, primarily driven by its drug Voquezna. The company's net revenue of $16.4 million for Voquezna surpassed both analysts' and consensus estimates. This increase was attributed to the robust growth in Erosive Esophagitis treatment and a surge in demand following the expansion of Voquezna's label to include Non-Erosive Reflux Disease.
Additionally, Phathom Pharmaceuticals announced a public offering expected to generate gross proceeds of about $130 million. The net proceeds will be allocated for the commercialization and further clinical development of Vonoprazan, marketed in the U.S. as Voquezna.
H.C. Wainwright, Guggenheim, and Goldman Sachs have all provided their perspectives on Phathom Pharmaceuticals' recent developments. H.C. Wainwright and Guggenheim both maintained a Buy rating for the company, while Goldman Sachs maintained a neutral stance.
Analysts project a 74% revenue growth for the current fiscal year, although the company is not expected to be profitable this year. These are recent developments and further progress and clarity on the exclusivity are pending.
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