Phathom Pharmaceuticals, Inc. (PHAT) Stock Price & Analysis
Phathom Pharmaceuticals, Inc. (PHAT) closed at USD 6.28 on Wednesday, October 28, 2026, up 4.84% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 5.99; the Oct 28, 2026 session ranged USD 5.85–6.43 on volume of 2,080,738 shares. Market capitalization is $508.06M, with a 52-week range of USD 5.02–18.31 (NMS). Source: Nexqual, retrieved October 29, 2026 at 11:10 UTC.
Also available as compact Markdown for AI agents: nexqual.com/PHAT.md
Latest Earnings Results (PHAT)
Phathom Pharmaceuticals, Inc. (PHAT) reported Q3 2026 results on Oct 29, 2026, 7:05:08 AM ET: adjusted EPS $0.04 vs. estimate $0.03 (beat), revenue $84.72M vs. estimate $84.82M (miss). Guidance: Phathom is maintaining its full-year 2026 financial guidance. Source: SEC 8-K filing. Nexqual published it 84 seconds after release. Read the SEC filing.
| Fiscal period | EPS (reported) | Revenue | Released | Source |
|---|---|---|---|---|
| Q3 2026 | $0.04 (adjusted (non-GAAP) diluted) | $84.7M | Oct 29, 2026, 7:05:08 AM ET · on Nexqual +84 seconds | SEC 8-K filing |
Reported actuals captured by Nexqual from SEC 8-K filings and company press releases; each figure confirmed by two independent extraction methods.
Key facts (PHAT)
- Last four reported quarters (through Sep 30, 2026): revenue $275M, net income -$83.0M (-30.2% margin), free cash flow -$21.0M (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (12 analysts), mean target USD 19.64 (range 10–29).
- Total return with dividends: 1Y -53.6% vs S&P 500 +13.6%; 5Y -73.3% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD 0.03, revenue estimate $84.8M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (PHAT)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $0K | $682K | $55.3M | $175M | $275M |
| Gross profit | — | $0K | $515K | $47.3M | $153M | — |
| Operating income | -$135M | -$172M | -$167M | -$277M | -$160M | -$25.5M |
| Net income | -$144M | -$198M | -$202M | -$334M | -$221M | -$83.0M |
| EPS (diluted) | -$3.89 | -$5.05 | -$3.93 | -$5.29 | -$3.03 | — |
| Free cash flow | -$149M | -$148M | -$139M | -$267M | -$167M | -$21.0M |
| Gross margin | — | — | 75.5% | 85.6% | 87.1% | — |
| Operating margin | — | — | -24532.6% | -502.2% | -91.4% | -9.3% |
| Net margin | — | — | -29558.9% | -605.1% | -126.3% | -30.2% |
| Revenue growth | — | — | — | +8001.5% | +216.9% | — |
| Cash + short-term investments | $183M | $155M | $381M | $297M | $130M | — |
| Total debt | $89.7M | $95.3M | $138M | $201M | $209M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Sep 30, 2026) (PHAT)
P/S 1.9x · EV/Sales 1.8x · FCF yield -4.14% · Earnings yield -16.34% · Net cash $19.0M · EV $489M
Analysts (PHAT)
Consensus Buy (mean 2.00 on a 1–5 scale), 12 analysts; mean target USD 19.64 (low 10, high 29).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-09 | Leerink Partners | Initiated | Market Perform | $10 |
| 2026-08-17 | Barclays | Target lowered | Overweight | $18 → $14 |
| 2026-07-31 | Guggenheim | Target lowered | Buy | $25 → $22 |
| 2026-07-31 | HC Wainwright & Co. | Reiterated | Buy | $26 |
| 2026-07-30 | Needham | Target lowered | Buy | $28 → $22 |
Total return (dividends reinvested) (PHAT)
| 1Y (from 2025-10-29) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -53.6% | -73.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -53.7% | -23.2% |
| Volatility (annualized) | 68.7% | 92.2% |
| Max drawdown | -68.3% (Jan 2026→Oct 2026) | -88.3% (Oct 2021→Apr 2025) |
PHAT earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.00 | −$0.09 | Beat +$0.09 | — |
| — | Quarter ended Mar 31, 2026 | −$0.18 | −$0.19 | Beat +5.3% | — |
| — | Quarter ended Dec 31, 2025 | −$0.08 | −$0.19 | Beat +57.9% | — |
| — | Quarter ended Sep 30, 2025 | −$0.15 | −$0.41 | Beat +63.4% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
PHAT recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Oct 29, 2026 | 10-Q | Quarterly report · period ended Sep 30, 2026 |
| Oct 29, 2026 | 8-K | Quarterly results |
| Oct 26, 2026 | 8-K | Other material event “On October 26, 2026, Phathom Pharmaceuticals, Inc. ("Phathom" or the "Company") announced the U.S. Food and Drug Administration's ("FDA's") establishment of a public docket (Docket No. FDA-2026-N-13038) to solicit comment on legal and regulatory questions regarding certain issues raised by a filer of an abbreviated new drug application ("ANDA") referencing VOQUEZNA (vonoprazan) tablets, BDR Pharmaceuticals, Intl. Pvt. Ltd. ("BDR"), in litigation brought against the FDA following FDA's rejection of the ANDA. The…” |
| Oct 23, 2026 | 8-K | Other material event “On October 23, 2026, Phathom Pharmaceuticals, Inc. ("Phathom" or the "Company") announced that BDR Pharmaceuticals International Pvt. Ltd. ("BDR") has filed suit against the U.S. Food and Drug Administration ("FDA") and related Federal Defendants in the United States District Court for the District of Columbia, principally challenging FDA's alleged refusal to receive an abbreviated new drug application ("ANDA") referencing Phathom's new drug application ("NDA") for VOQUEZNA. In the suit, BDR alleges that FDA has…” |
| Sep 29, 2026 | 8-K | Other material event “On September 29, 2026, Phathom Pharmaceuticals, Inc. ("Phathom" or the "Company") announced the initiation of patient screening in pHalcon-NERD-302, a registrational Phase 3 study evaluating an as-needed (PRN or on-demand) investigational dosing regimen of VOQUEZNA (vonoprazan) tablets in adults with Non-Erosive Gastroesophageal Reflux Disease, or Non-Erosive GERD (NERD). Topline results are expected in the first quarter of 2028. If successful, the study is intended to support a potential regulatory submission…” |
| Jul 30, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Jul 30, 2026 | 8-K | Quarterly results |
| Jul 29, 2026 | Schedule 13G | BlackRock, Inc.: 5.5% of shares, passive 5%+ holder |
| Jul 20, 2026 | Schedule 13G/A | Millennium Management LLC, Millennium Group Management LLC: 4.2% of shares, passive 5%+ holder (amended) |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
PHAT suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Sandoz | “Although we rely on contract manufacturers, we have personnel with manufacturing experience to oversee our relationships with our suppliers, Evonik, Catalent and Sandoz.” |
| Supplier | Evonik Operations | “Although we rely on contract manufacturers, we have personnel with manufacturing experience to oversee our relationships with our suppliers, Evonik, Catalent and Sandoz.” |
| Supplier | Catalent Pharma Solutions | “Although we rely on contract manufacturers, we have personnel with manufacturing experience to oversee our relationships with our suppliers, Evonik, Catalent and Sandoz.” |
| Partner | Hercules Capital, Inc. (HTGC) | “make required payments under the Loan and Security Agreement with Hercules Capital, Inc., or Loan Agreement, entered into in September 2021, as amended;” |
| Partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | “Our patent portfolio covering vonoprazan consists predominantly of patents and patent applications that are exclusively licensed to us from Takeda pursuant to the license agreement we entered into on May 7, 2019, or the Takeda License.” |
| Partner | CO Finance LVS XXXVII | “Additionally, on October 31, 2022, we entered into a Joinder and Waiver Agreement with the Initial Investors and CO Finance LVS XXXVII LLC, or the Additional Investor, and Hercules in its capacity as administrative agent and collateral agent for itself and the lenders under that certain Loan Agreement, or the Joinder Agreement, in respect of the Revenue Interest Financing Agreement.” |
Quoted from the company's 10-K filed Feb 26, 2026.
PHAT analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.03 | $0.05 | -42.2% | $84.8M | 5 |
| Next quarter (ends Dec 2026) | $0.10 | $0.19 | -45.3% | $98.2M | 5 |
| Current fiscal year (ends Dec 2026) | $-0.04 | $-0.04 | −$0.01 | $315.2M | 5 |
| Next fiscal year (ends Dec 2027) | $0.96 | $1.43 | -32.6% | $489.4M | 5 |
Key Statistics (as of October 29, 2026 at 11:10 UTC)
| Price | USD 6.28 |
|---|---|
| Change | ▲ 4.84% (up) |
| Previous Close | USD 5.99 |
| Open | USD 5.94 |
| Day Range | USD 5.85 – 6.43 |
| 52-Week Range | USD 5.02 – 18.31 |
| Volume | 2,080,738 shares |
| Market Cap | $508.06M |
| Exchange | NMS |
Technical Analysis (PHAT)
Nexqual's technical model rates PHAT "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 29, 2026 at 11:10 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 38.37 (neutral) |
| vs SMA50 | Below (USD 7.76) |
| MACD | -0.43 (negative) |
Analyst Ratings (PHAT)
Wall Street analysts rate PHAT "Buy" based on 12 analysts, with a mean price target of USD 19.64 (range USD 10–29), per Nexqual as of October 29, 2026 at 11:10 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 12 |
| Mean Target | USD 19.64 |
| High Target | USD 29 |
| Low Target | USD 10 |
| Buy / Hold / Sell | 10 / 2 / 0 |
Earnings (PHAT)
| Next Earnings Date | 2026-10-29 |
|---|---|
| EPS Estimate | USD 0.03 |
| Revenue Estimate | $84.82M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0 vs est -0.1 ▲ beat |
| 2026-03-31 | USD -0.18 vs est -0.19 ▲ beat |
| 2025-12-31 | USD -0.08 vs est -0.19 ▲ beat |
| 2025-09-30 | USD -0.15 vs est -0.42 ▲ beat |
Source: Nexqual, October 29, 2026 at 11:10 UTC.
Financials & Fundamentals (PHAT)
| Total Revenue | $239.66M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +88.00% |
| Gross Margin | +82.92% |
| Operating Margin | -5.34% |
| Profit Margin | -41.34% |
| Current Ratio | 1.92 |
| Total Cash | $182.48M |
| Total Debt | $552.02M |
| Free Cash Flow (last four quarters to Sep 2026, SEC 10-Q / 10-K) | -$21.04M (-7.7% of revenue) |
Source: Nexqual, October 29, 2026 at 11:10 UTC.
Financial Health Score (PHAT)
Nexqual rates Phathom Pharmaceuticals, Inc.'s overall financial health "Mixed" across five dimensions, as of October 29, 2026 at 11:10 UTC.
| Growth | Strong — Revenue +217% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 81%, operating -9% (last 4 quarters to Sep 2026, SEC) |
| Balance Sheet | Mixed — $185M cash and investments vs $166M debt (Sep 2026, SEC), net cash |
| Cash Flow | Weak — FCF negative: -$21M (last 4 quarters to Sep 2026, SEC), burning cash |
| Efficiency | Critical — ROE not meaningful (negative equity); ROA -24.1% (last 4 quarters, SEC) |
Ownership (PHAT)
| Insider Ownership | +4.64% |
|---|---|
| Institutional Ownership | +94.37% |
| Shares Outstanding | 80.90M |
| Float | 65.07M |
| Short % of Float | +12.73% |
Source: Nexqual, October 29, 2026 at 11:10 UTC.
Leadership (PHAT)
Phathom Pharmaceuticals, Inc. is led by Steven L. Basta, CEO, President & Director, per Nexqual as of October 29, 2026 at 11:10 UTC.
| CEO, President & Director | Steven L. Basta |
|---|---|
| Chief Financial & Business Officer | Sanjeev Narula |
| Director of Business Development & Investor Relations | Eric Sciorilli |
Major Backers & Investors (PHAT)
Notable institutional backers of Phathom Pharmaceuticals, Inc. include Frazier Life Sciences Management, L.P. , Medicxi Ventures Management (Jersey) Ltd, Invesco, according to Nexqual as of October 29, 2026 at 11:10 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Frazier Life Sciences Management, L.P. | 15.41% |
| Medicxi Ventures Management (Jersey) Ltd | 9.23% |
| Invesco | 4.98% |
| Carlyle Group Inc. | 4.32% |
| Millennium Management | 4.17% |
| Wasatch Advisors LP | 3.64% |
| AIM Intl Mutual Fd.s -Invesco Global Fd. | 2.9% |
| GW&K Investment Management, LLC | 2.68% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 5.59% |
| Vanguard Group | 3.28% |
Source: Nexqual, October 29, 2026 at 11:10 UTC.
From Phathom Pharmaceuticals, Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- We have received a patent term extension, or PTE, of 607 days for the U.S. composition-of-matter patent covering the vonoprazan molecule based on the FDA approval of the New Drug Application, or NDA, for VOQUEZNA DUAL PAK.
- The API Supply Agreement may be terminated effective at the end of the initial period on at least 24-months written notice by either party.
- The API Supply Agreement may also be terminated at any time upon written notice by either party if the other party has failed to remedy a material breach of the terms of the Supply Agreement within a specified period following receipt of written notice of such breach.
- Our commercial success also depends on our ability to operate without infringing the proprietary rights of third parties and to prevent others from infringing our proprietary rights.
Partnerships
- In December 2020, we entered into a Supply and Packaging Services Agreement with Sandoz GmbH, or the Sandoz Supply Agreement, pursuant to which Sandoz has agreed to supply commercial quantities of amoxicillin capsules and clarithromycin tablets, to package these antibiotics with vonoprazan drug product in finished convenience packs, and to supply us with these convenience packs.
Legal & Regulatory Risks (Item 1A, quoted)
- The conduct of clinical trials is subject to extensive regulation in the United States and other territories, and regulatory requirements and policies may change. New processes and requirements for the authorization and oversight of clinical trials may affect the planning, conduct, timing and cost of trials.
- Any of these events could significantly harm our business, financial condition, results of operations and prospects.
- We may not be successful in our efforts to expand our pipeline by pursuing and developing vonoprazan for additional indications and formulations.
- We may never apply for or receive regulatory approval for vonoprazan in any additional indication or formulation.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| ORKA | Oruka Therapeutics, Inc. | USD 95.97 | ▲ 0.17% |
| LGND | Ligand Pharmaceuticals Incorpor | USD 318.78 | ▲ 2.26% |
| IOVA | Iovance Biotherapeutics, Inc. | USD 14.81 | ▲ 1.58% |
| IONS | Ionis Pharmaceuticals, Inc. | USD 44.9 | ▲ 2.14% |
| AXSM | Axsome Therapeutics, Inc. | USD 143.51 | ▲ 0.92% |
| ABVX | Abivax SA | USD 89.84 | ▲ 3.26% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 11:10 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt