Phathom’s stock falls after receiving FDA letters

Shares of Phathom Pharmaceuticals Inc.
PHAT,
-29.67%
tumbled about 23% in premarket trading on Friday, the day after the company said it received complete response letters from the Food and Drug Administration related to vonoprazan, which is approved for two indications and had also been submitted to the regulator as a potential treatment for erosive esophagitis. Phathom said it plans to meet with the FDA in the first quarter of this year to discuss resubmitting vonoprazan. The company’s stock is down 38.4% over the past year, while the broader S&P 500
SPX,
+0.22%
has declined 9.5%.