Phathom Pharmaceuticals tumbles on $130 mln equity raise

Phathom Pharmaceuticals PHAT.O shares down 13.7% before the bell to $15.61 after $130 mln overnight follow-on priced

Gastrointestinal (GI) diseases-focused biopharma late Weds announced ~8.1 mln shares, including ~1.3 mln pre-funded warrants, at $16, a 11.5% discount to last sale

It intends to use net offering proceeds for general corporate purposes, including for working capital and commercialization and R&D expenses

Guggenheim and Cantor Fitzgerald joint bookrunners

After the bell Weds, co said expects Q4 net revenues of approx $57-$58 mln and cash of about $130 mln as of Dec 31

With ~71.1 mln shares outstanding, co has ~$1.3 bln market cap

PHAT shares on Weds rose about 10%, putting them up 9% to start 2026. Stock roughly doubled in 2025

9 of 11 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $23, per LSEG data