Phathom starts Phase 3 study: what it means for Phathom Pharmaceuticals stock
Phathom Pharmaceuticals has initiated a Phase 3 study for as-needed VOQUEZNA treatment of non-erosive GERD, with topline results expected in Q1 2028. This study aims for a label expansion, while the company reported an 88% increase in Q2 2026 revenue to USD 74.27 million. Despite the extended development timeline, VOQUEZNA's existing commercial base provides a foundation as Phathom navigates future indication contributions.
Liquidity Mapping Around (PHAT) Price Events
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Phathom starts Phase 3 trial: Phathom Pharmaceuticals stock faces 2028 results
Phathom Pharmaceuticals has initiated a Phase 3 trial (pHalcon-NERD-302) for its drug VOQUEZNA, targeting adults with non-erosive gastroesophageal reflux disease. Topline results are anticipated in the first quarter of 2028, and a successful outcome could lead to a label expansion for as-needed treatment. The company reported narrowed GAAP net losses and increased revenue in Q2 2026, indicating commercial growth and reduced cash pressure.
Phathom Pharmaceuticals, Inc. Revenue Breakdown – NASDAQ:PHAT
Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) generated $175.11 million USD in revenue last year, primarily from its Vonoprazan segment. This represents a significant increase from $55.25 million USD in the previous year. The United States was the greatest contributor to this revenue.
Phathom Pharmaceuticals Announces Initiation of Registrational Phase 3 Study of VOQUEZNA® (vonoprazan) for As-Needed Treatment of Non-Erosive GERD
Phathom Pharmaceuticals has initiated a registrational Phase 3 study (pHalcon-NERD-302) for its drug VOQUEZNA® (vonoprazan) for the as-needed treatment of Non-Erosive GERD (NERD). The study aims to evaluate VOQUEZNA's effectiveness in providing rapid and sustained heartburn relief when symptoms occur, potentially leading to a label expansion for this treatment regimen. Topline results from the study are anticipated in the first quarter of 2028.
Phathom Pharmaceuticals begins Phase 3 trial for VOQUEZNA in non-erosive GERD
Phathom Pharmaceuticals has initiated a Phase 3 clinical trial (pHalcon-NERD-302) for its drug VOQUEZNA to evaluate an as-needed dosing regimen for adults with non-erosive gastroesophageal reflux disease (NERD). The trial expects to enroll approximately 500 adults across 80 sites in the US, with topline results anticipated in Q1 2028. This move aims to support a potential label expansion for VOQUEZNA, building on positive Phase 2 results and the drug's existing approvals for other indications.
Form 8K Phathom Pharmaceuticals Inc For: 29 September By Investing.com
The article announces that Phathom Pharmaceuticals Inc. filed a Form 8K on September 29, 2026. This is a standard regulatory filing used to notify investors of unscheduled material events or corporate changes. The article itself provides no further details on the content of the filing.
Form 8K Phathom Pharmaceuticals Inc For: 29 September By Investing.com
This article announces that Phathom Pharmaceuticals Inc. filed a Form 8K on September 29, 2026. Form 8K is a crucial document that U.S. public companies must file with the SEC to announce major events that shareholders should know about. The article provides financial market data, including various indices, commodities, and stock performances.
Phathom starts phase 3 trial of Voquezna for heartburn relief
Phathom Pharmaceuticals Inc. has initiated a phase 3 study, pHalcon-NERD-302, to evaluate Voquezna (vonoprazan) tablets for as-needed heartburn relief in adults with non-erosive gastroesophageal reflux disease (GERD). The study aims to determine if Voquezna can provide rapid and sustained heartburn relief, with topline results expected in the first quarter of 2028. If successful, this trial could lead to a label expansion for Voquezna, addressing a significant unmet need as proton pump inhibitors are not currently approved for as-needed treatment of non-erosive GERD in the U.S.
PHAT Investors Have Opportunity to Join Phathom Pharmaceuticals, Inc. Fraud Investigation with SBS Law
Schall, Brown & Schwartz LLP is investigating Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) for potential securities law violations. The investigation stems from Phathom cutting its full-year revenue forecast on July 30, 2026, despite reaffirming prior guidance in April, which led to a sharp drop in share prices. The law firm is encouraging shareholders who suffered losses to contact them to discuss their rights.
PHAT Investors Have Opportunity to Join Phathom Pharmaceuticals, Inc. Fraud Investigation with SBS Law
Schall, Brown & Schwartz LLP (SBS) has launched an investigation into Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) for potential securities law violations. The investigation stems from Phathom cutting its full-year revenue forecast on July 30, 2026, despite reaffirming prior guidance in April, leading to a sharp decline in share prices. Investors who suffered losses are encouraged to contact SBS to discuss their rights.
Leerink Partners Initiates Phathom Pharmaceuticals(PHAT.US) With Hold Rating, Announces Target Price $10
Leerink Partners has initiated coverage on Phathom Pharmaceuticals (PHAT.US) with a Hold rating. The firm has set a target price of $10 for the pharmaceutical company's stock. This new coverage provides investors with an analyst's perspective on PHAT.US.
PHAT Stock Falls 7% As Leerink Sees Little Near-Term Upside — CEO Plays Down Upcoming Rival
Phathom Pharmaceuticals (PHAT) stock dropped 7% after Leerink Partners initiated coverage with a Market Perform rating and a $10 price target, citing a crowded market for its acid-reflux drug VOQUEZNA. Despite Leerink's cautious outlook, Phathom's CEO Steve Basta highlighted the drug's effectiveness and an established commercial lead, arguing a new rival could expand the market rather than just steal share. VOQUEZNA, the company's sole commercial product, reported record sales of $74.3 million in Q2, with management projecting adjusted profitability for the rest of 2026 and cash-flow positivity in 2027.
Leerink Partners Initiates Coverage on Phathom Pharmaceuticals With Market Perform, $10 PT
Leerink Partners has initiated coverage on Phathom Pharmaceuticals (PHAT) with a Market Perform rating and a $10 price target. This new rating contrasts with the average analyst rating of Buy and a mean price target of $23.70 for the company. The full MT Newswires article requires a premium subscription to access further details.
4,525,129 Shares in Phathom Pharmaceuticals, Inc. $PHAT Acquired by BlackRock Inc.
BlackRock Inc. recently acquired 4,525,129 shares of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT), valued at approximately $49.1 million, which constitutes about 5.59% of the company. Institutional investors now collectively own 99.01% of PHAT. Despite several analysts lowering their price targets, the consensus rating for Phathom Pharmaceuticals remains a "Moderate Buy" with an average target price of $22.86.
Hsbc Holdings PLC Purchases Shares of 709,695 Phathom Pharmaceuticals, Inc. $PHAT
Hsbc Holdings PLC has acquired a new position in Phathom Pharmaceuticals (NASDAQ:PHAT), purchasing 709,695 shares valued at approximately $7.7 million, representing about 0.88% of the company. Institutional investors now own 99.01% of PHAT stock. Analyst sentiment remains largely positive, with a consensus "Moderate Buy" rating and an average price target of $22.86, despite the stock trading near its 52-week low.
Barclays Maintains Phathom Pharmaceuticals(PHAT.US) With Buy Rating, Cuts Target Price to $14
Barclays has reiterated its Buy rating for Phathom Pharmaceuticals (PHAT.US) but has reduced its price target for the company's stock to $14. This adjustment reflects a revised outlook from the financial institution while still maintaining a positive long-term view on the pharmaceutical company.
Phathom Pharmaceuticals (NASDAQ:PHAT) Shares Down 8.2% - What's Next?
Phathom Pharmaceuticals (NASDAQ:PHAT) saw its shares drop 8.2% to $8.56 in mid-day trading on Thursday, with trading volume significantly lower than average. Despite the recent decline and some analyst price target cuts, the company maintains a "Moderate Buy" consensus rating with an average price target of $22.86. Institutional investors hold a substantial 99.01% stake in the clinical-stage biopharmaceutical company, which focuses on developing GI treatments like vonoprazan.
3,496,808 Shares in Phathom Pharmaceuticals, Inc. $PHAT Acquired by Carlyle Group Inc.
Carlyle Group Inc. has acquired a new stake of 3,496,808 shares in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) during the second quarter, valued at approximately $37.9 million, making PHAT its third-largest portfolio holding. Institutional investors collectively own 99.01% of the company's stock, with several firms increasing their positions. Despite recent price target reductions, analysts maintain a "Moderate Buy" rating with a consensus target price of $22.86, while the stock recently traded at $9.28.
PHAT Maintains Overweight Rating -- Price Target Lowered to $14
Barclays has maintained an "Overweight" rating for Phathom Pharmaceuticals (PHAT) but lowered its price target from $18.00 to $14.00, reflecting a cautious outlook despite the company being significantly undervalued according to GuruFocus's GF Value™. The company, which specializes in gastrointestinal treatments, faces financial health and profitability concerns, as indicated by its low GF Score™ of 38/100, and mixed sentiment from institutional investors. Investors are advised to proceed with caution due to ongoing losses and cash flow challenges, even with the potential for an attractive entry point.
Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) Receives Consensus Recommendation of "Moderate Buy" from Brokerages
Phathom Pharmaceuticals (NASDAQ:PHAT) has received a "Moderate Buy" consensus rating from eight brokerages, with an average 12-month price target of $22.86, significantly above its current trading price of $9.58. Despite some analysts lowering price targets, most maintain buy ratings, while one firm reaffirmed a sell rating. Institutional investors hold a substantial 99.01% of PHAT shares, and the stock is currently near its 12-month low.
Phathom Pharmaceuticals (PHAT) Stock Sees Modest Fair Value Cut After Analyst Target Cuts
Phathom Pharmaceuticals (PHAT) has experienced a modest fair value cut from US$23.70 to US$21.50 following analyst target revisions. This adjustment is due to updated Q2 results, revised 2026 revenue guidance, and new perspectives on their drug Voquezna's commercial path. While some firms remain bullish on the Voquezna franchise, others have reduced price targets citing lowered revenue guidance and access challenges.
Bronstein, Gewirtz & Grossman, LLC Is Investigating Phathom Pharmaceuticals, Inc. (PHAT) And Encourages Shareholders to Connect
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims against Phathom Pharmaceuticals, Inc. (PHAT) after the company lowered its full-year 2026 net revenue guidance, contradicting earlier affirmations. The investigation focuses on whether the company made misleading statements to investors regarding its financial outlook and operational expectations, leading to a drop in stock price. Shareholders who purchased Phathom securities are encouraged to contact the firm for more information.
Hennion & Walsh Asset Management Inc. Has $3.55 Million Stake in Phathom Pharmaceuticals, Inc. $PHAT
Hennion & Walsh Asset Management Inc. significantly increased its stake in Phathom Pharmaceuticals (NASDAQ:PHAT) by 124.3% in Q2, now holding 327,278 shares valued at $3.55 million. Other institutional investors like Millennium Management and Invesco have also expanded their positions, with institutional holdings making up 99.01% of the company's stock. Despite some recent price target reductions, analysts maintain a "Moderate Buy" consensus rating with an average target price of $23.43 for Phathom Pharmaceuticals.
Phathom Pharmaceuticals, Inc. Investigated by the Portnoy Law Firm
The Portnoy Law Firm has initiated an investigation into Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) for possible securities fraud. This investigation follows Phathom's recent downward revision of its full-year 2026 revenue expectations, despite earlier assurances of significant sales force expansion and a projected $1 billion in annual revenue from its primary product, VOQUEZNA. Investors are encouraged to contact the firm to discuss potential legal recourse.
Renaissance Technologies LLC Acquires New Holdings in Phathom Pharmaceuticals, Inc. $PHAT
Renaissance Technologies LLC has acquired a new position in Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT), purchasing 305,800 shares valued at approximately $3.4 million during the first quarter. This makes Renaissance Technologies LLC one of several institutional investors, who collectively own 99.01% of PHAT, to increase their holdings. Despite a generally positive analyst sentiment with a "Moderate Buy" average rating, the stock opened near its 52-week low.
Bronstein, Gewirtz & Grossman, LLC Is Investigating Phathom Pharmaceuticals, Inc. (PHAT) And Encourages Investors to Connect
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims against Phathom Pharmaceuticals, Inc. (PHAT) on behalf of investors. This investigation follows Phathom's announcement of lowered full-year 2026 net revenue guidance, a significant reduction from figures previously reaffirmed by company executives. Investors who purchased Phathom securities and are aware of facts related to this investigation are encouraged to connect with the firm.
Phathom Pharmaceuticals, Inc. (PHAT) Investigation: Bronstein, Gewirtz & Grossman, LLC Encourages Shareholders to Contact the Firm to Learn More About the Investigation
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT) shareholders after the company lowered its full-year 2026 net revenue guidance. This reduction followed earlier affirmations of higher revenue projections by company executives. Shareholders are encouraged to contact the firm to learn more about the investigation.
Bronstein, Gewirtz & Grossman, LLC Encourages Phathom Pharmaceuticals, Inc. (PHAT) Investors to Inquire about Securities Investigation
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims against Phathom Pharmaceuticals, Inc. (PHAT) on behalf of investors. This investigation follows Phathom's announcement of lowered full-year 2026 net revenue guidance, contradicting earlier reaffirmations by company executives. The firm encourages affected investors to contact them for additional information regarding the securities investigation.
Levi & Korsinsky Notifies Investors of Pending Investigation Into Securities Claims Involving Phathom Pharmaceuticals, Inc. (PHAT)
Levi & Korsinsky is investigating potential securities law violations at Phathom Pharmaceuticals (PHAT) after the company issued a revised FY 2026 revenue outlook of $310 million - $325 million, which was below Wall Street expectations of approximately $332 million. This reduction led to a decline in PHAT shares. The firm encourages investors who lost money on PHAT stock to submit their loss information for a free evaluation.
Levi & Korsinsky Notifies Investors of Pending Investigation Into Securities Claims Involving Phathom Pharmaceuticals, Inc. (PHAT)
Levi & Korsinsky has launched an investigation into potential securities law violations by Phathom Pharmaceuticals (PHAT) after the company issued a revised FY 2026 revenue outlook that fell below analyst expectations, causing its shares to decline. The law firm is encouraging investors who lost money on PHAT stock to submit their loss information for a free evaluation. The investigation focuses on whether the company made misleading statements regarding its revenue projections.
PHAT Investor Alert: Levi & Korsinsky Notifies Investors of Investigation Into Phathom Pharmaceuticals, Inc. (PHAT)
Levi & Korsinsky is investigating Phathom Pharmaceuticals, Inc. (PHAT) for potential securities law violations after the company lowered its full-year 2026 revenue guidance, causing a drop in share price. The reduction in outlook, from $320 million–$345 million to $310 million–$325 million, fell below Wall Street estimates. The investigation aims to evaluate losses for shareholders who purchased PHAT stock.
Phathom Pharmaceuticals, Inc. Stock 12‑Month Price Target Cut to $23.1, Implies 98% Upside
Phathom Pharmaceuticals, Inc.'s stock (PHAT) has seen its average 12-month price target reduced from $23.7 to $23.1 by 10 analysts, with individual forecasts ranging from $13 to $29 per share. This new target suggests a potential upside of approximately 98% based on the July 29 closing price. The consensus rating among the 10 covering analysts remains a "Buy," with 9 buy recommendations and 1 hold.
Phathom Pharmaceuticals (PHAT) Stock Slides Despite Cash Profit Breakthrough
Phathom Pharmaceuticals (PHAT) stock slid 3.1% to US$8.75 despite reporting its first quarter of operating profit on a cash basis, excluding stock-based compensation, with revenue of US$74.3m. This breakthrough included US$1.6m of positive operating cash flow, narrowing its GAAP net loss to US$17.6m. While bulls highlight growing VOQUEZNA sales and disciplined spending, bears are concerned about concentration risk, pricing pressures, and the stock's 27% decline over 90 days.
PHAT SHAREHOLDER INVESTIGATION: SueWallSt Notifies Investors of Potential Securities Claims Involving Phathom Pharmaceuticals
SueWallSt, powered by Levi & Korsinsky LLP, has launched an investigation into Phathom Pharmaceuticals (NASDAQ: PHAT) regarding potential securities law violations. The investigation focuses on Phathom's FY 2026 revenue guidance, which was initially maintained at $320 million to $345 million but later cut to $310 million to $325 million, causing a decline in PHAT shares. Investors who suffered losses after purchasing PHAT stock are encouraged to contact SueWallSt for a free case evaluation.
Phathom Pharmaceuticals Number of Employees 2026 | Employee Count & Headcount Data
Phathom Pharmaceuticals (NASDAQ: PHAT) had approximately 380 employees worldwide as of March 2026, marking a 205.2% growth since 2023 but a 5.4% year-over-year decrease. The company is actively hiring, with 49 job postings in 2026 and an accelerating hiring velocity of 111 new roles per month. The workforce is primarily in the United States, with an average salary of $145,410 and a median employee tenure of 1.9 years.
PHAT SHAREHOLDER INVESTIGATION: SueWallSt Notifies Investors of Potential Securities Claims Involving Phathom Pharmaceuticals
SueWallSt.com has announced an investigation into potential securities law violations involving Phathom Pharmaceuticals (NASDAQ: PHAT). The investigation stems from the company's decision to trim its full-year 2026 revenue guidance to $310 million to $325 million, weeks after affirming a higher outlook of $320 million to $345 million. Investors who suffered losses after the share price declined are encouraged to contact SueWallSt for a free case evaluation.
Q2 2026 Phathom Pharmaceuticals Inc Earnings Call Transcript
Phathom Pharmaceuticals (PHAT) achieved its first-ever positive operating profit and cash from operations in Q2 2026, with revenue growing 88% year-over-year to $74.3 million. Despite this, full-year revenue guidance was slightly lowered due to prior authorization friction for Voquezna, and the company anticipates using cash for the remainder of the year. Strategic investments, including a Phase 3 GERD trial, are expected to increase operating expenses in the second half of 2026, while competitive pressure from a new PCAB could impact gross-to-net discounts.
Phathom Pharmaceuticals Down Over 19%, On Track for Largest Percent Decrease Since May 2025 -- Data Talk
Phathom Pharmaceuticals experienced a significant drop of over 19% in early trading, marking its largest percentage decrease since May 2025. The stock is currently trading at $10.15, down $2.43 from its previous close, with trading volume significantly higher than its 50-day average. This decline also affects its year-to-date performance, which is now down 16.29%.
Phathom Pharmaceuticals, Inc. (PHAT) Reports Break-Even Earnings for Q2
Phathom Pharmaceuticals, Inc. (PHAT) reported break-even earnings per share for Q2 2026, outperforming the Zacks Consensus Estimate of a $0.06 loss. The company also surpassed revenue expectations with $74.27 million, compared to $39.5 million a year ago. Despite this positive earnings surprise, the stock has underperformed the S&P 500 year-to-date, and currently holds a Zacks Rank #3 (Hold).
Phathom Pharmaceuticals Investigation Notice: Levi & Korsinsky Notifies Investors of Pending Investigation Into Phathom Pharmaceuticals (PHAT)
Levi & Korsinsky, LLP has announced an investigation into Phathom Pharmaceuticals (PHAT) following a reduction in its FY 2026 revenue guidance. The firm is encouraging investors who suffered losses after the company lowered its previously reaffirmed revenue outlook from $320 million-$345 million to $300 million-$325 million to come forward. The investigation will focus on whether the company made misleading statements to investors prior to the guidance cut.
Phathom Pharmaceuticals Inc (PHAT) (Q2 2026) Earnings Call Highlights: First Positive Operating ...
Phathom Pharmaceuticals Inc (PHAT) reported its first-ever positive operating profit and cash from operations in Q2 2026, with revenue growing 88% year-over-year to $74.3 million. Despite success, the company faces "friction" in prior authorizations for Voquezna, leading to a slight reduction in full-year 2026 revenue guidance. PHAT anticipates strategic investments will increase operating expenses in late 2026, delaying durable cash flow positivity until 2027, but views potential competition as a market-expanding opportunity.
PHAT Stock Clocks Worst Day In Over 1.5 Years — What Sparked The Selloff?
Phathom Pharmaceuticals Inc. (PHAT) shares plunged 22% after the company lowered its full-year 2026 net revenue outlook to $310–325 million from $320–345 million, despite strong second-quarter revenue and improved profitability. The biotech firm also provided updates on its clinical programs for VOQUEZNA, aiming to expand its market potential for GERD and EoE treatment. Despite the stock drop, retail sentiment on Stocktwits shifted from bearish to bullish, with some users calling the sell-off "overdone."
Earnings call transcript: Phathom posts Q2 2026 revenue beat, shares fall premarket
Phathom Pharmaceuticals reported an 88% year-over-year revenue increase in Q2 2026, reaching $74.3 million, and achieved positive operating profit earlier than expected. Despite these strong operational results and a slight revenue beat, the company's shares fell 8.93% in premarket trading due to concerns over "payer friction" and a refined full-year guidance of $310 million to $325 million. Phathom plans to address payer friction through education and leveraging its specialty pharmacy partnership, while also advancing clinical programs for VOQUEZNA in eosinophilic esophagitis and as-needed use for non-erosive GERD to drive future growth.
Phathom Pharmaceuticals Releases Q2 2026 Financial Results
Phathom Pharmaceuticals reported breakeven adjusted results for Q2 2026, exceeding analyst expectations with revenue of $74.3M, an 88.0% increase year-over-year. The company's flagship product, VOQUEZNA, continued its strong commercial traction with 325,000 prescriptions filled in the quarter and 1.7M total prescriptions to date. Management issued full-year revenue guidance between $310.0M and $325.0M, signaling continued growth and a positive outlook from Wall Street with a consensus of 9 buy ratings.
Phathom Pharmaceuticals posts Q2 2026 revenue $74.3M, narrows net loss to $17.6M
Phathom Pharmaceuticals reported strong Q2 2026 results, with net revenues reaching $74.3 million, an 88% increase year-over-year, and a narrowed net loss of $17.6 million. The company also announced plans to initiate a Phase 3 trial for VOQUEZNA in Non-Erosive GERD and completed enrollment for a Phase 2 EoE study. These achievements were supported by significant operating expense reductions and robust commercial traction for VOQUEZNA.
Phathom Pharmaceuticals Reports Second Quarter 2026 Financial Results and Provides Business Update
Phathom Pharmaceuticals reported strong second-quarter 2026 financial results, with record net revenues of $74.3 million, an 88% increase year-over-year. The company achieved operating profitability (excluding stock-based compensation) and initiated a Phase 3 clinical trial for VOQUEZNA in Non-Erosive GERD, while also completing enrollment for its Phase 2 EoE trial. Full-year 2026 revenue guidance was updated to $310-$325 million.
Earnings Flash (PHAT) Phathom Pharmaceuticals, Inc. Posts Q2 Adjusted EPS $0.00 per Share, vs. FactSet Est of $-0.19
Phathom Pharmaceuticals, Inc. announced its Q2 adjusted EPS was $0.00 per share, significantly outperforming FactSet's estimate of $-0.19. The company, which specializes in treatments for gastrointestinal diseases, posted these results on July 30, 2026. This financial update follows news of narrowing adjusted losses and rising revenue, alongside recent advancements in clinical trials for its drug, VOQUEZNA.
Levi & Korsinsky Announces Investigation of Securities Claims Against Phathom Pharmaceuticals, Inc. (PHAT)
Levi & Korsinsky has launched an investigation into Phathom Pharmaceuticals, Inc. (PHAT) due to potential violations of federal securities laws. This follows Phathom Pharmaceuticals cutting its FY 2026 revenue guidance by $20 million just weeks after reaffirming higher projections. The investigation seeks to help shareholders who suffered losses explore potential recovery.
BlackRock (PHAT) discloses 4.38M-share passive stake in Pharmaceuticals Inc
BlackRock, Inc. has publicly disclosed a passive ownership stake of 4,378,647 common shares in Phathom Pharmaceuticals Inc. (PHAT), representing 5.5% of the company's common stock. This filing, a Schedule 13G, indicates BlackRock holds sole voting power over 4,293,374 shares and sole dispositive power over all 4,378,647 shares, signaling a passive investment rather than an intent to influence company control. No single BlackRock client individually owns more than five percent of Phathom Pharmaceuticals' outstanding common shares.
