Information Provided By:
Fly News Breaks for November 19, 2019
TAK, PHAT
Nov 19, 2019 | 08:13 EDT
Needham analyst Alan Carr initiated coverage of Phathom Pharmaceuticals (PHAT) with a Buy rating and $40 price target. The analyst is positive on the company's development of vonoprazan, a "novel oral potassium-competitive acid blocker for the treatment of Erosive Esophagitis and H. pylori infection", noting that its 2015 launch by Takeda (TAK) in Japan has demonstrated benefits over standard of care proton pump inhibitors in both indications. Having licensed the rights from Takeda, the analyst adds that the company's initiated Phase 3 trials in Erosive Esophagitis and H. pylori infection for registration in the U.S., Canada, and Europe, projecting a U.S. launch in 2022 and and U.S. peak sales of $1.9B-$2.0B in 2032.