Phat is good to buy call and what call is profitable most

The deep research logic is organized as follows: 

Okay, let's tackle this question. The user is asking if PHAT is a good candidate for buying call options and which call option is the most profitable. First, I need to check the references provided to gather relevant data.

Looking at the references, there's a query result for PHAT call options sorted by profit, but it shows 0 results . That's a red flag because if there are no profitable options, it might indicate limited activity or unfavorable market conditions. However, the user is interested in the most profitable call, so maybe there's another angle.

Next, the put/call ratio for PHAT is 0.18 , which is below 1. A low ratio suggests bullish sentiment since more calls are being bought. That's a positive sign for considering call options. The recent FDA approval mentioned in references , , ,  is a big deal. The company got a 10-year exclusivity, which should boost the stock price. Analysts have raised price targets, which is another bullish indicator.

The option chain data  shows several call options with different strikes and expirations. The most active call seems to be the PHAT20260220C17.5 with some volume and open interest. However, the closing price is $0.8, and there's a 11.11% drop in price. That might indicate some profit-taking or uncertainty. The implied volatility is mentioned in  and , but the specific data isn't provided. High IV could mean higher premiums, which might not be ideal for profitability.

The user profile mentions a preference for short-to-medium-term strategies and call options. They also have a high yield and short holding period. So, the ideal call option would have a near-term expiration with a strike close to the current price to maximize potential upside.

Looking at the stock price around $8.57 , the $17.5 strike is way out of the money, which might not be the best choice. The $20 strike is also OTM but closer. The $22.5 strike is even further. However, considering the recent FDA news and potential stock surge, maybe the $17.5 strike with a longer expiration (2026-02-20) could offer more upside. But the premium is $0.8, which is relatively low, but the drop in price suggests caution.

Wait, the user's previous interaction was about TTI call options, and I suggested a specific one. Maybe the user is looking for a similar approach. However, PHAT's options data is limited. The lack of profitable options in the query result  is concerning. Maybe the market expects limited upside, or the options are too expensive.

Also, the put/call ratio being 0.18  indicates more calls are being bought, which is bullish. But the recent stock price movement  shows a 3.9% increase, which is positive. The analyst price targets are around $17.63 to $28 , , , which is a significant upside from the current $8.57. So, buying a call with a strike around $10 or $12 might be more profitable, but the available strikes start at $17.5. That's a big gap, which might mean the options are too OTM.

Alternatively, maybe the user should consider a longer-term call option to capture the potential upside from the FDA exclusivity. The 2026-02-20 expiration gives more time for the stock to rise. The $17.5 strike is still OTM, but with the price target around $17.63, it's close. If the stock reaches $17.5, the call would be worth $10, giving a 12x return on the $0.8 premium. That's attractive, but the risk is high if the stock doesn't reach that level.

However, the user's stop profit is set at 0.1008, which is a 10% profit target. If the call option has a high enough delta, it could hit that target quickly. The $17.5 strike with a longer expiration might align with the user's strategy of short-term holding but with a medium-term expiration.

In conclusion, despite the lack of profitable options in the query, the bullish sentiment from the put/call ratio, FDA news, and analyst targets suggests PHAT could be a good call option play. The most profitable option would likely be the one with the strike closest to the expected price target and a reasonable expiration date. The PHAT20260220C17.5 seems to fit, but the user should be cautious of the high risk and potential for the stock not meeting the target.

### 🎯 **Conclusion**
Phathom Pharmaceuticals (PHAT) presents a **high-potential opportunity** for call options due to its recent FDA exclusivity win, bullish put/call ratio, and favorable analyst price targets. However, **no profitable call options were found** in the latest data , suggesting limited short-term upside or market skepticism. Below is a detailed analysis to guide your decision.

---

### 📊 **Key Data & Analysis**

#### 1. **Market Sentiment & Fundamentals**
- **Put/Call Ratio**: PHAT’s put/call ratio is **0.18** , indicating **bullish sentiment** (calls outnumber puts).
- **FDA Exclusivity**: The FDA granted **10-year market exclusivity** for Voquezna tablets , positioning PHAT for **long-term growth**.
- **Analyst Targets**: Average price target is **$17.63** (high: $28.00, low: $5.00) , implying **106% upside** from the current price (~$8.57).

#### 2. **Option Chain Analysis**
| Strike | Expiration | Open Interest | Volume | Closing Price | Days to Exp |
|--------|------------|----------------|--------|---------------|-------------|
| $17.5 | 2026-02-20 | 1 | 5 | $0.8 | 212 |
| $20 | 2026-02-20 | 3 | 0 | $0.7 | 212 |
| $22.5 | 2025-11-21 | 101 | 0 | $0.05 | 121 |

- **Most Active Call**: PHAT20260220C17.5 ($17.5 strike, 212 days to exp) .
- **Risk/Reward**: The $17.5 strike is **100% OTM** (current price ~$8.57), offering **high upside** but **low probability of profit**.

#### 3. **Why PHAT Might Be a Good Call Option**
- **Catalyst**: FDA exclusivity (~$120M annualized revenue run rate) .
- **Bullish Catalysts**: Expanding formulary coverage (116M lives) and Phase 3 trials for new indications .
- **Risks**: High cash burn ($91.4M net loss in Q2 2024) and competition from PPIs .

---

### 🎯 **Final Recommendation**
**PHAT is a speculative call option play** with **high upside potential** but **significant risks**. If you’re comfortable with high volatility, consider the **PHAT20260220C17.5** call option for its **longer expiration** and alignment with the FDA exclusivity timeline. However, **no profitable options were found** in the latest data , so proceed with caution.