-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 dDHlZciOqLr4FwFYFb/3fA==

<SEC-DOCUMENT>0001179110-06-022648.txt : 20061201
<SEC-HEADER>0001179110-06-022648.hdr.sgml : 20061201
<ACCEPTANCE-DATETIME>20061201152944
ACCESSION NUMBER:		0001179110-06-022648
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061201
FILED AS OF DATE:		20061201
DATE AS OF CHANGE:		20061201

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHARSIGHT CORP
		CENTRAL INDEX KEY:			0001040853
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				770401273
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		321 E. EVELYN AVENUE
		STREET 2:		3RD FLOOR
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94041
		BUSINESS PHONE:		6503143800

	MAIL ADDRESS:	
		STREET 1:		321 E. EVELYN AVENUE
		STREET 2:		3RD FLOOR
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94041

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Alloy Ventures 2000, L.P.
		CENTRAL INDEX KEY:			0001317233

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31253
		FILM NUMBER:		061251117

	BUSINESS ADDRESS:	
		STREET 1:		400 HAMILTON AVENUE
		STREET 2:		4TH FLOOR
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94301
		BUSINESS PHONE:		650-687-5000

	MAIL ADDRESS:	
		STREET 1:		400 HAMILTON AVENUE
		STREET 2:		4TH FLOOR
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94301
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-12-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001040853</issuerCik>
        <issuerName>PHARSIGHT CORP</issuerName>
        <issuerTradingSymbol>PHST</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001317233</rptOwnerCik>
            <rptOwnerName>Alloy Ventures 2000, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>400 HAMILTON AVE., 4TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PALO ALTO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94301</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Series B Redeemable Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-12-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>13171</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-01</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>52684</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>105368</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of Series B convertible preferred stock is convertible into four shares of Pharsight's common stock at the election of the holder or upon the occurrence of certain other events described in issuer's certificate of designation of Series A and Series B convertible preferred stock.</footnote>
        <footnote id="F2">Issued as a dividend to Series A redeemable preferred stockholders.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Tony DiBona, Managing Member of Alloy Ventures 2000 LLC, GP of Alloy Ventures L.P.</signatureName>
        <signatureDate>2006-12-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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