Phathom Pharmaceuticals Set For a Symmetrical Triangle Breakout On October 24 2022

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Phathom Pharmaceuticals $PHAT stock is setting up for a sweet Symmetrical Triangle breakout when the market opens on October 24, 2022. The company announced new data on its acid blocker vonoprazan that met its primary endpoint.

Phathom Pharmaceuticals Presents New Data Evaluating First-in-Class Potassium-Competitive Acid Blocker (PCAB) Vonoprazan

On October 23, 2022, Phathom Pharmaceuticals $PHAT announced detailed results from the Phase 2 PHALCON-NERD trial studying vonoprazan as a daily dosing and on-demand therapy for relief of episodic heartburn in patients with NERD.

The double-blind, placebo-controlled PHALCON-NERD study randomized 207 patients who were eligible for on-demand (“as needed”) treatment following a 4-week daily dosing run-in period in which patients received vonoprazan 20 mg once-daily. Patients without heartburn in the last seven days of the run-in period were evenly randomized to receive 10 mg, 20 mg or 40 mg of vonoprazan or placebo for six weeks.

The primary endpoint was met for all three doses of vonoprazan, demonstrating complete and sustained relief in 56% (10 mg), 60.6% (20 mg) and 70% (40 mg) of heartburn episodes was achieved within three hours with no further heartburn reported for 24 hours in the on-demand period, compared to placebo (27.3%, p<0.0001). In exploratory endpoints, the onset of complete and sustained relief of heartburn episodes was also evaluated at intervals of 30 minutes, 1 hour, 1.5 hours, 2 hours, and 3 hours after taking vonoprazan to determine the earliest point of complete symptom relief. Significant differences in complete and sustained relief occurred across all doses of vonoprazan in as early as one hour after dosing in the on-demand period and was maintained for over 24 hours. In the on-demand period, vonoprazan had no treatment-emergent adverse events (AEs) reported by >1 patient per treatment group. Additionally, 16.3%, 18.4%, and 16.7% of patients treated with vonoprazan 10, 20, and 40 mg, respectively reported a treatment-emergent adverse event (TEAE) compared to 21.3% of patients receiving placebo.

“These results from the Phase 2 PHALCON-NERD study are very encouraging and demonstrate the potential of vonoprazan to be taken as-needed by patients with NERD who experience episodic heartburn symptoms and require rapid and sustained relief,” said Ronnie Fass, M.D. “NERD is a common cause of reflux-related symptoms and some patients with NERD fail to respond adequately to PPI therapy. This study suggests that the rapid suppression of gastric acid by vonoprazan translates into clinical benefits for patients with NERD when taken on demand.”

In addition, Phathom is actively conducting a Phase 3 PHALCON-NERD Daily Dosing trial to evaluate vonoprazan as a daily dosing treatment of heartburn associated with NERD. We expect topline data for the primary endpoint in early 2023, with full results expected in late 2023.

“The data being presented at this year’s ACG further highlights Phathom’s commitment to its mission to transform treatment for patients with gastrointestinal diseases and disorders,” said Azmi Nabulsi, M.D., Chief Operating Officer at Phathom. “We are excited to share more detailed results of our Phase 2 on-demand trial and look forward to generating additional insights about vonoprazan as a potential daily preventative therapy in patients with NERD in our ongoing Phase 3 trial. Our continued research program demonstrates the promise of a new mechanism of action to provide more effective acid control with the potential to address unmet needs in the treatment of NERD and other acid-related GI conditions.”

Dark Pool Trading In Phathom Pharmaceuticals $PHAT Stock

An analysis of the dark pool trading in $PHAT stock does not yield any conclusive results to if the dark pool trades are buying or selling. However, the dark pool prints help us establish that $10.50 is an important pivot level.

Phathom Pharmaceuticals stock chart on October 23, 2022, with dark pool trades shown in orange bar with a table to the right with the text TIME SYMBOL MESSAGE PRICE 09/22/22 PHAT 2,414,897 DARK BLOCK $25.0M 687.0% AvgVol $10.50 09/22/22 PHAT Unusual Dark Pool Activity $10.50 09/16/22 PHAT 536,989 DARK BLOCK $5.6M 177.64% AvgVol $10.50 09/16/22 PHAT Unusual Dark Pool Activity $10.50

Make sure to review this lesson on dark pool trading so that you understand the chart above.

Phathom Pharmaceuticals assumed with a Buy at Jefferies

On October 21, 2022, Jefferies analyst Glen Santangelo assumed coverage of Phathom Pharmaceuticals with a Buy rating and $16 price target. He likes the setup into 2023 as he believes a U.S. approval of vonoprazan is highly likely by the January 11, 2023, PDUFA date. With Phase 3 topline NERD data due in Q1 as well, he believes the potential for a series of positive announcements in early 2023 is not fully priced into the stock.

Phathom Pharma (PHAT), Vanoprazan, Cathie Wood, ARKG Portfolio Company Drug, Takeda Pharma…

Phathom Pharmaceuticals $PHAT Stock Technical Analysis

Phathom Pharmaceuticals $PHAT stock is in a technical weak downtrend. The market is approaching oversold territory, opening the possibility of a trend reversal. The stock is trading in a Symmetrical Triangle pattern and looks poised for a breakout. Keep your eyes on the dark pool pivot level of $10.50 to confirm the breakout.

Phantom Pharma stock chart on October 23, 2022, showing a Symmetrical Triangle chart pattern with a neutral MACD and negative money flow.
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