PHAT Stock Analysis: Phathom Pharmaceuticals | NASDAQ

Biotechnology | NASDAQ, USA | Market Cap: 503m USD | 12M Return: -57.9% | US71722W1071 | Charts, Fundamentals & Technical Analysis

GERD, H. Pylori, Eosinophilic Esophagitis, Heartburn
Total Rating 12
Safety 32
Buy Signal -0.95
Biotechnology
Industry Rotation: +5.2
Market Cap: 503M
Avg Turnover: 10.4M
Risk 3d forecast
Volatility91.3%
VaR 5th Pctl14.6%
VaR vs Median-2.54%
Reward TTM
Sharpe Ratio-1.01
Rel. Str. IBD1.4
Rel. Str. Peer Group5.6 pctl
Character TTM
Beta0.961
Beta Downside1.117
Hurst Exponent0.445
Choppyness59.2%
Drawdowns 3y
Max DD88.26%
CAGR/Max DD-0.12
CAGR/Mean DD-0.28
EPS (Earnings per Share) EPS (Earnings per Share) of PHAT over the last years for every Quarter: "2021-09": -0.98, "2021-12": -0.95, "2022-03": -1.07, "2022-06": -1.33, "2022-09": -1.32, "2022-12": -1.33, "2023-03": -0.89, "2023-06": -0.84, "2023-09": -0.76, "2023-12": -1.39, "2024-03": -1.11, "2024-06": -1.25, "2024-09": -1.05, "2024-12": -1.05, "2025-03": -1.07, "2025-06": -0.9, "2025-09": -0.15, "2025-12": -0.16, "2026-03": -0.18, "2026-06": -0.08, "2026-09": -0.03,
Last SUE: -0.13
Qual. Beats: 0
Revenue Revenue of PHAT over the last years for every Quarter: 2021-09: 0, 2021-12: 0, 2022-03: 0, 2022-06: 0, 2022-09: 0, 2022-12: 0, 2023-03: 0, 2023-06: 0, 2023-09: 0, 2023-12: 0.682, 2024-03: 1.912, 2024-06: 7.324, 2024-09: 16.352, 2024-12: 29.664, 2025-03: 28.519, 2025-06: 39.503, 2025-09: 49.504, 2025-12: 57.584, 2026-03: 58.301, 2026-06: 74.274, 2026-09: null,
Rev. CAGR: 1502.37%
Rev. Trend: 94.8%
Last SUE: 0.93
Qual. Beats: 1

Warnings

Negative Equity With Losses
Strong Share Dilution
Interest Coverage Ratio Critical
Altman Z'' In Financial Distress Zone
Below Avwap Earnings
Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 6.9 years of data

Jan -14.2% 23
Feb +0.3% 0
Mar -11.1% 37
Apr -0.7% 0
May -4.1% 0
Jun +13.8% 45
Jul -2.4% 15
Aug +10.2% 32
Sep -3.4% 0
Oct -5.6% 18
Nov -10.2% 21
Dec +9.2% 21

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: PHAT Phathom Pharmaceuticals

Phathom Pharmaceuticals (NASDAQ: PHAT) is a U.S.-based biopharmaceutical company founded in 2018 and headquartered in Florham Park, New Jersey, that focuses on developing and commercializing treatments for gastrointestinal diseases. Its lead product, VOQUEZNA (vonoprazan), has completed Phase III clinical trials for erosive GERD and related heartburn in adults, while VOQUEZNA Triple Pak and VOQUEZNA Dual Pak have also completed Phase III trials for treating Helicobacter pylori infections. The company is additionally developing vonoprazan-based therapies for non-erosive GERD and eosinophilic esophagitis in adults and adolescents.

As a clinical-stage specialty biopharmaceutical company listed on NASDAQ since its October 2019 IPO, Phathom operates within the high-risk, capital-intensive biopharma sector, where value is largely driven by the outcome of late-stage clinical trials and subsequent FDA approval. Its narrow therapeutic focus on gastrointestinal disorders reflects a common specialty pharma strategy of targeting specific disease areas to differentiate from larger diversified pharmaceutical competitors.

Headlines to Watch Out For
  • VOQUEZNA prescription growth accelerates commercial launch trajectory
  • Cash burn and dilution risk pressure equity valuation
  • Generic PPI competition limits VOQUEZNA pricing power
Piotroski VR-10 (Strict) 1.5
Net Income: -99.1m TTM > 0 and > 6% of Revenue
FCF/TA: -0.11 > 0.02 and ΔFCF/TA 98.53 > 1.0
NWC/Revenue: 59.31% < 20% (prev 111.4%; Δ -52.10% < -1%)
CFO/TA -0.11 > 3% & CFO -36.7m > Net Income -99.1m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 1.92 > 1.5 & < 3
Outstanding Shares: last quarter (83.7m) vs 12m ago 15.57% < -2%
Gross Margin: 82.92% > 18% (prev 86.91%; Δ -3.98% > 0.5%)
Asset Turnover: 83.03% > 50% (prev 45.58%; Δ 37.45% > 0%)
Interest Coverage Ratio: -0.56 > 6 (EBIT TTM -35.6m / Interest Expense TTM 63.4m)
Altman Z'' -13.79
A: 0.43 (Total Current Assets 295.9m - Total Current Liabilities 153.8m) / Total Assets 327.1m
B: -4.68 (Retained Earnings -1.53b / Total Assets 327.1m)
C: -0.12 (EBIT TTM -35.6m / Avg Total Assets 288.6m)
D: -0.51 (Book Value of Equity -344.3m / Total Liabilities 671.3m)
Altman-Z'' = -13.79 = D
Beneish M -2.45
DSRI: 0.90 (Receivables 97.4m/51.3m, Revenue 239.7m/114.0m)
GMI: 1.05 (GM 86.91% / 82.92%)
AQI: 0.73 (AQ_t 0.08 / AQ_t-1 0.12)
SGI: 2.10 (Revenue 239.7m / 114.0m)
TATA: -0.19 (NI -99.1m - CFO -36.7m) / TA 327.1m)
Beneish M = -2.45 (Cap -4..+1) = BBB
What is the price of PHAT shares?

As of November 05, 2026, the stock is trading at USD 5.68 with a total of 1,504,074 shares traded. Over the past week, the price has changed by -9.55%, over one month by -15.22%, over three months by -32.78% and over the past year by -57.89%.

Current recommended Stop Loss: 4.90 (which is 13.7% or 1.4 ATR below the current price).

Is PHAT a buy, sell or hold?

Phathom Pharmaceuticals has received a consensus analysts rating of 4.50. Therefore, it is recommended to buy PHAT.

  • StrongBuy: 8
  • Buy: 2
  • Hold: 2
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the PHAT price?
Analysts Target Price 19.6 245.8%
Phathom Pharmaceuticals (PHAT) - Fundamental Data Overview as of 31 October 2026
Market Cap USD = 503.2m (503.2m USD * 1.0 USD.USD)
P/E Forward = 5.9137
P/S = 2.0996
P/B = 25.3678
Revenue TTM = 239.7m USD
EBIT TTM = -35.6m USD
EBITDA TTM = -35.1m USD
Long Term Debt = 164.6m USD (from longTermDebt, last quarter)
Short Term Debt = 670k USD (from shortTermDebt, last quarter)
Debt = 169.6m USD (from shortLongTermDebtTotal, last quarter) + Leases 2.52m
Net Debt = -12.8m USD (calculated: Debt 169.6m - CCE 182.5m)
Enterprise Value = 490.4m USD (503.2m + Debt 169.6m - CCE 182.5m)
Interest Coverage Ratio = -0.56 (Ebit TTM -35.6m / Interest Expense TTM 63.4m)
EV/FCF = -13.36x (Enterprise Value 490.4m / FCF TTM -36.7m)
FCF Yield = -7.49% (FCF TTM -36.7m / Enterprise Value 490.4m)
FCF Margin = -15.32% (FCF TTM -36.7m / Revenue TTM 239.7m)
Net Margin = -41.34% (Net Income TTM -99.1m / Revenue TTM 239.7m)
Gross Margin = 82.92% ((Revenue TTM 239.7m - Cost of Revenue TTM 40.9m) / Revenue TTM)
Gross Margin QoQ = 79.68% (prev 79.42%)
Tobins Q-Ratio = 1.50 (Enterprise Value 490.4m / Total Assets 327.1m)
Interest Expense / Debt = 37.39% (Interest Expense 63.4m / Debt 169.6m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -28.2m (EBIT -35.6m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.92 (Total Current Assets 295.9m / Total Current Liabilities 153.8m)
 Debt / Equity = -0.49 (negative equity) (Debt 169.6m / totalStockholderEquity, last quarter -344.3m)
 Debt / EBITDA = 0.37 (negative EBITDA) (Net Debt -12.8m / EBITDA -35.1m)
 Debt / FCF = 0.35 (negative FCF - burning cash) (Net Debt -12.8m / FCF TTM -36.7m)
 Total Stockholder Equity = -385.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -34.32% (Net Income -99.1m / Total Assets 327.1m)
 RoE = 25.70% (negative equity) (Net Income TTM -99.1m / Total Stockholder Equity -385.5m)
 RoCE = 16.14% (negative capital employed) (EBIT -35.6m / Capital Employed (Equity -385.5m + L.T.Debt 164.6m))
 RoIC = -17.38% (negative operating profit) (NOPAT -28.2m / Invested Capital 162.0m)
 WACC = 14.08% (E(503.2m)/V(672.8m) * Re(8.87%) + D(169.6m)/V(672.8m) * Rd(37.39%) * (1-Tc(0.21)))
Discount Rate = 8.87% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.91 | Cagr: 17.40%
 [DCF] Fair Price = unknown (Cash Flow -36.7m)
 EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.13 | # QB: 0
Revenue Correlation: 94.76 | Revenue CAGR: 1.50k% | SUE: 0.93 | # QB: 1
EPS current Quarter (2027-03-31): EPS=0.01 | Chg30d=-81.57% | Revisions=-40% | Analysts=3
EPS current Year (2026-12-31): EPS=-0.04 | Chg30d=N/A | Revisions=-25% | GrowthEPS=+97.9% | GrowthRev=+80.0%
EPS next Year (2027-12-31): EPS=0.96 | Chg30d=-10.41% | Revisions=+0% | GrowthEPS=+2300.5% | GrowthRev=+55.2%
[Analyst] Revisions Ratio: -50% (up=0, down=3)