Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT), a $484 million market cap biotech company, reported that its Chief Operating Officer, Azmi Nabulsi, sold shares of the company's common stock. The transaction, which took place on January 21, 2025, involved the sale of 7,886 shares at a weighted average price of approximately $6.5885 per share, totaling $51,956. The sale comes as PHAT shares have declined over 42% in the past six months, though InvestingPro analysis suggests the stock is currently undervalued.
The shares were sold to satisfy tax withholding obligations upon the settlement of restricted stock units. Following this transaction, Nabulsi holds 233,390 shares directly. Additionally, Nabulsi retains indirect ownership of 3,578.93 shares through a 401(k) plan and 785,700 shares by trust.
The stock sale was executed by Molly Henderson, acting as Attorney-in-Fact for Azmi Nabulsi, as indicated in the filing dated January 23, 2025.
In other recent news, Phathom Pharmaceuticals has made significant strides with its product, VOQUEZNA. The company reported substantial revenue outperformance in its third-quarter earnings, primarily driven by VOQUEZNA. The net revenue of $16.4 million for VOQUEZNA surpassed both analysts' and consensus estimates, attributed to robust growth in Erosive Esophagitis treatment and a surge in demand following the expansion of VOQUEZNA's label to include Non-Erosive Reflux Disease.
In addition, Phathom Pharmaceuticals filed a Citizen's Petition with the FDA, aiming to align the exclusivity period for its VOQUEZNA tablets with that of the VOQUEZNA Dual and Triple Pak, currently set at 10 years. The company also announced a public offering expected to generate gross proceeds of about $130 million, with the net proceeds allocated for the commercialization and further clinical development of Vonoprazan, marketed in the U.S. as VOQUEZNA.
Analysts have maintained a positive outlook on Phathom Pharmaceuticals. H.C. Wainwright and Guggenheim kept their Buy rating, with a price target of $28.00, while Goldman Sachs increased Phathom's price target to $12, maintaining a neutral stance. These recent developments underline Phathom Pharmaceuticals' strategic moves and strong performance in the pharmaceutical market.
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