Barclays raises Phathom Pharmaceuticals to 'overweight'; shares rise

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