PHAT - Why Shares of Phathom Pharmaceutical Jumped This Week
Shares of Phathom Pharmaceuticals (NASDAQ: PHAT) were up 44.6% this past week, according to data provided by S&P Global Market Intelligence . The stock closed last Friday at $8.61, then closed at $12.36 on Friday. Despite the rise, the stock is down nearly 40% from its 52-week high of $19.95.
Phathom is a clinical-stage biotech company that specializes in treating gastrointestinal tract disorders. In 2019, it was spun off from Takeda Pharmaceuticals and Frazier Healthcare.
Its lead therapy is Vonoprazan, a potassium-competitive acid blocker. The drug's possible approval by the Food and Drug Administration (FDA) as a treatment for erosive esophagitis has been pushed back because the regulator had concerns about trace levels of nitrosamine impurities in the drug, the company said on Jan. 3.
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Why Shares of Phathom Pharmaceutical Jumped This Week