BUZZ- Barclays raises Phathom Pharmaceuticals to 'overweight'; shares rise

Phathom Pharmaceuticals +1.80%

Phathom Pharmaceuticals

PHAT

11.34

+1.80%

** Gastrointestinal (GI) diseases-focused biopharma Phathom Pharmaceuticals PHAT.O shares rise 2% to $11 premarket

** Barclays upgrades stock to "overweight" from "equal-weight"

** Brokerage raises target price to $18 from $16, which represents 66.8% upside from the stock's last close

** "We think the combination of a strengthened balance sheet, strong guidance and focused commercial strategy suggests the stock at ~$11 is dislocated from the fundamentals" - Barclays

** Brokerage notes that more targeted GI approach appears positioned to drive better adoption

** As of last close, stock has fallen 34.9% YTD


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