Phathom Pharmaceuticals (NASDAQ:PHAT) Announces Quarterly Earnings Results

Phathom Pharmaceuticals (NASDAQ:PHAT) announced its earnings results on Thursday. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.01), FiscalAI reports. The business had revenue of $58.30 million during the quarter, compared to analyst estimates of $58.62 million.

Here are the key takeaways from Phathom Pharmaceuticals’ conference call:

• Phathom reported Q1 net revenue of $58.3 million, up 104% year?over?year, and is maintaining 2026 guidance of $320–$345 million with revenues expected to be back?half weighted.
• Commercial momentum: the sales force was expanded to nearly 290+ reps, and management highlighted strong adoption among gastroenterologists—top 300 GIs show ~20% TRX share and ~45% NBRX versus PPIs, signaling deeper penetration and new?patient starts.
• Financial discipline and runway: Q1 cash operating expenses (ex?stock comp) were $56.2M (down ~43% YoY), loss from operations ex?SBC ~$9.9M, ending cash of ~$181M, and the company expects operating profitability ex?SBC by Q3 and positive cash flow in 2027.
• Pipeline progress: the eosinophilic esophagitis (EoE) Phase II trial is enrolling ahead of schedule with topline data anticipated in late Q4 2026 or early Q1 2027, which could expand Voquezna’s indications if positive.
• Competitive risk: management is preparing for a potential second P?CAB (tegoprazan) approval in 2027; although Phathom emphasizes Voquezna’s clinical profile, a new entrant could increase category competition and payer dynamics.

Phathom Pharmaceuticals Trading Down 4.9%

Shares of PHAT traded down $0.58 during midday trading on Thursday, hitting $11.20. 4,232,273 shares of the company’s stock traded hands, compared to its average volume of 1,152,908. Phathom Pharmaceuticals has a 1 year low of $2.21 and a 1 year high of $18.31. The firm’s fifty day moving average is $11.52 and its 200-day moving average is $13.42. The stock has a market capitalization of $889.62 million, a price-to-earnings ratio of -3.66 and a beta of 0.61.

Analyst Ratings Changes

Several analysts have issued reports on the company. Stifel Nicolaus set a $28.00 target price on Phathom Pharmaceuticals in a research report on Thursday, February 26th. Barclays raised Phathom Pharmaceuticals from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $16.00 to $18.00 in a research report on Friday, March 27th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Phathom Pharmaceuticals in a research report on Wednesday, January 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Phathom Pharmaceuticals in a research report on Tuesday, April 21st. Finally, Guggenheim increased their target price on Phathom Pharmaceuticals from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Institutional Trading of Phathom Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC purchased a new stake in shares of Phathom Pharmaceuticals during the 4th quarter valued at $258,000. Invesco Ltd. lifted its holdings in shares of Phathom Pharmaceuticals by 1.4% during the 4th quarter. Invesco Ltd. now owns 3,920,446 shares of the company’s stock valued at $65,040,000 after purchasing an additional 55,475 shares during the last quarter. VARCOV Co. purchased a new stake in shares of Phathom Pharmaceuticals during the 4th quarter valued at $1,439,000. Virtus Investment Advisers LLC lifted its holdings in shares of Phathom Pharmaceuticals by 5.9% during the 4th quarter. Virtus Investment Advisers LLC now owns 46,937 shares of the company’s stock valued at $779,000 after purchasing an additional 2,631 shares during the last quarter. Finally, SummitTX Capital L.P. lifted its holdings in shares of Phathom Pharmaceuticals by 34.2% during the 4th quarter. SummitTX Capital L.P. now owns 517,820 shares of the company’s stock valued at $8,591,000 after purchasing an additional 131,852 shares during the last quarter. Hedge funds and other institutional investors own 99.01% of the company’s stock.

Phathom Pharmaceuticals Company Profile

Phathom Pharmaceuticals is a clinical?stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases. The company’s core mission centers on addressing serious GI disorders by leveraging innovative mechanisms of action to improve patient outcomes. Phathom’s research and development efforts concentrate on conditions such as Helicobacter pylori infection, erosive esophagitis, gastroparesis and other functional GI disorders where significant unmet medical needs persist.

The company’s lead asset is vonoprazan, a potassium?competitive acid blocker (P-CAB) licensed for use in the United States.