PHAT Stock Analysis: Phathom Pharmaceuticals | NASDAQ

Biotechnology | NASDAQ, USA | Market Cap: 743m USD | 12M Return: -20.8% | US71722W1071 | Charts, Fundamentals & Technical Analysis

Gastrointestinal Drugs, Acid Reflux Treatment, H. Pylori Treatment, GERD Medication
Total Rating 15
Safety 34
Buy Signal -0.77
Biotechnology
Industry Rotation: +11.3
Market Cap: 743M
Avg Turnover: 10.1M
Risk 3d forecast
Volatility85.9%
VaR 5th Pctl13.8%
VaR vs Median-2.62%
Reward TTM
Sharpe Ratio-0.15
Rel. Str. IBD7.7
Rel. Str. Peer Group8.8
Character TTM
Beta0.980
Beta Downside1.069
Hurst Exponent0.453
Drawdowns 3y
Max DD88.26%
CAGR/Max DD-0.12
CAGR/Mean DD-0.27
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,
Last SUE: 0.43
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,
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
Choppy
Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 6.8 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 +9.6% 26
Sep +2.5% 10
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 develops and commercializes treatments for gastrointestinal (GI) diseases. Its lead product, VOQUEZNA, has completed Phase III clinical trials for erosive gastroesophageal reflux disease (GERD) and associated heartburn in adults. The company is also developing VOQUEZNA Triple Pak and VOQUEZNA Dual Pak for Helicobacter pylori (H. pylori) infection, as well as additional VOQUEZNA and vonoprazan-based formulations targeting heartburn associated with non-erosive GERD and eosinophilic esophagitis in adult and adolescent patients.

As a clinical-stage biopharmaceutical company, Phathom operates within a high-risk, R&D-intensive business model typical of the pharmaceuticals sub-industry, where value is largely driven by pipeline progress, regulatory milestones, and successful commercialization of approved therapies rather than current revenue streams. The company went public in October 2019 and is classified as a small-cap health care stock, reflecting its early commercial stage and reliance on continued clinical and regulatory execution to drive long-term growth.

Headlines to Watch Out For
  • VOQUEZNA launch uptake drives quarterly revenue growth
  • Persistent cash burn raises equity dilution risk
  • Payer formulary coverage shapes commercial adoption
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 September 06, 2026, the stock is trading at USD 9.50 with a total of 1,235,644 shares traded. Over the past week, the price has changed by +3.49%, over one month by +12.43%, over three months by -3.65% and over the past year by -20.83%.

Current recommended Stop Loss: 8.80 (which is 7.4% or 1.3 ATR below the current price).

Is PHAT a buy, sell or hold?

Phathom Pharmaceuticals has received a consensus analysts rating of 4.56. Therefore, it is recommended to buy PHAT.

  • StrongBuy: 6
  • Buy: 2
  • Hold: 1
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the PHAT price?
Analysts Target Price 21.5 126.3%
Phathom Pharmaceuticals (PHAT) - Fundamental Data Overview as of 31 August 2026
Market Cap USD = 742.7m (742.7m USD * 1.0 USD.USD)
P/S = 3.0988
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 = 729.8m USD (742.7m + Debt 169.6m - CCE 182.5m)
Interest Coverage Ratio = -0.56 (Ebit TTM -35.6m / Interest Expense TTM 63.4m)
EV/FCF = -19.88x (Enterprise Value 729.8m / FCF TTM -36.7m)
FCF Yield = -5.03% (FCF TTM -36.7m / Enterprise Value 729.8m)
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 = 2.23 (Enterprise Value 729.8m / 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 = 13.17% (E(742.7m)/V(912.3m) * Re(9.43%) + D(169.6m)/V(912.3m) * Rd(37.39%) * (1-Tc(0.21)))
Discount Rate = 9.43% (= 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: 0.43 | # QB: 0
Revenue Correlation: 94.76 | Revenue CAGR: 1.50k% | SUE: 0.93 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.04 | Chg30d=-27.38% | Revisions=-25% | Analysts=4
EPS current Year (2026-12-31): EPS=-0.03 | Chg30d=+32.27% | Revisions=+0% | GrowthEPS=+98.6% | GrowthRev=+80.8%
EPS next Year (2027-12-31): EPS=1.11 | Chg30d=-22.88% | Revisions=-25% | GrowthEPS=+3830.2% | GrowthRev=+56.2%
[Analyst] Revisions Ratio: -40% (up=0, down=2)