Phathom Pharmaceuticals Sees Stock Surge on Director's Key Purchase

Published 1 hours agoPHAT

Phathom Pharmaceuticals Sees Stock Surge on Director's Key Purchase

Phathom Pharmaceuticals' stock saw a notable rise following a significant purchase by one of its directors. On December 13, 2024, Director Frank Karbe bought 12,500 shares at an average price of $7.93 each, totaling $99,125. This acquisition increased his total holdings to 57,000 shares, indicating strong insider confidence in the company's prospects, as reported by MarketBeat.

The market responded positively to the insider buying activity, with Phathom's stock opening at $8.45 on December 16, 2024, up from the previous close of $7.89. The positive sentiment was further amplified by analysts at HC Wainwright and Needham & Company LLC, who both maintained a "buy" rating with a price target of $28.00, underscoring their optimism in the company's future.

Beyond stock movements, Phathom Pharmaceuticals recently reported net revenue of $16.4 million for its drug Voquezna, exceeding analyst expectations. This growth was driven by the treatment of Erosive Esophagitis and expanded indications. Furthermore, the company has initiated strategic measures, including filing a Citizen's Petition with the FDA to align the exclusivity period for its VOQUEZNA tablets with its Dual and Triple Pak treatments, aiming to extend its market exclusivity for 10 years, as noted by Investing.com.

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