"PHAT is our top pick for 2024", the analyst notes, adding it to the Needham Conviction List, replacing Vaxcyte, Inc. (NASDAQ:PCVX).
Per the analyst, PHAT shares will have a strong 2024 performance driven by the Voquezna launch in Erosive GERD (U.S. launch Dec 2023) and Voquezna U.S. approval and launch in Non-Erosive GERD (NERD) in 3Q24.
The analyst models $55.6 million in total Voquezna sales in 2024, above the current consensus estimate of $46 million.
PHAT shares held up well in 2024 (+11%) versus the XBI (+7%) and S&P500 (+24%), and shares have significant upside from current levels as the Voquezna launch progresses and label expansion into NERD is achieved, the analyst adds.
The analyst models cash runway through 2026, which is sufficient through multiple value-driving events, including several quarters of the Erosive GERD and NERD (daily dosing) launch and the potential U.S. approval/initial launch in NERD (on-demand).
Price Action: PHAT shares are trading lower by 0.22% to $8.98 on the last check Friday.
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