Jefferies cuts PHAT target to $16 from $20, keeps Buy

On October 14, 2026, Jefferies analyst Glen Santangelo lowered the target to $16 from $20 and maintained Buy. Jefferies expected Q3 results to align with consensus and cited 2027 guidance as a source of clarity; it noted a competitor PCAB PDUFA decision expected in January 2027. PHAT rose 5.71% that day, closing at $7.40.