Mar. 27 at 12:34 PM
Barclays⬆️
$PHAT to Overweight/
$18 from Equal-weight/
$16, and said—Upgrading PHAT to Overweight from Equal Weight as we think 2Q weekly TRx trends could begin signaling the revenue ramp implied in FY26 guidance.
Following the January financing, 4Q earnings/FY26 guidance and our meetings with management at the Barclays Miami Conference in mid-March, 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.
Further, as the seasonally slower 1Q26 comes to a close, we think weekly TRx trends are slated to ramp in 2Q-4Q, which we think will be a positive catalyst for the stock.
Given the visibility that IQVIA data provides, we think positive 2Q weekly script numbers could improve momentum well ahead of 2Q earnings season.
