Pharming Groups Strong Performance and Growth Prospects Justify Buy Rating

Pharming Group (PHGUF – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Christian Glennie from Stifel Nicolaus maintained a Buy rating on the stock and has a €2.05 price target.

Christian Glennie has given his Buy rating due to a combination of factors including Pharming Group’s robust full year performance in 2023 and promising prospects for 2024. Glennie highlighted the unexpected 10% growth in revenue from Ruconest in 2023, leading to an adjusted upward forecast for 2024. Moreover, the strong initial performance of the drug Joenja in the U.S. market, coupled with high patient retention rates and significant market penetration, indicates a solid demand for the treatment of APDS, which is reflected in the higher than anticipated sales figures.

Additionally, the potential expansion of the market for Joenja due to ongoing studies aimed at reclassifying patients with Variant of Uncertain Significance (VUS) adds to the optimistic outlook. With the possibility of increasing the diagnosed patient population, there is a substantial opportunity for revenue growth. Furthermore, plans for international expansion and label extensions, as well as the potential for adopting Joenja for other immune dysregulation conditions, suggest multiple avenues for Pharming Group’s growth, thus justifying Glennie’s Buy recommendation.

In another report released on March 15, RBC Capital also maintained a Buy rating on the stock with a €1.85 price target.

See the top stocks recommended by analysts >>

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Pharming Group (PHGUF) Company Description:

Pharming Group NV is a holding company, which engages in the development of pharmaceutical products for the treatment of rare diseases and unmet medical needs. The company offers RUCONEST which is a recombinant human C1-esterase inhibitor for the treatment of acute hereditary angioedema. It operates through the following geographical segments: the United States, Europe, and Rest of the World. The company was founded on November 11, 1988 and is headquartered in Leiden, the Netherlands.

Read More on PHGUF:

ncG1vNJzZmilkae4psDSZ5muq5mjsrS%2FyKeqopyVp3uku8xopZ6vo2TAtbvCpKpoqJiWv661zaBkoKqfqr1uv4ysq6unnpx6sbHRn6arpZGjsKZ5wKebZp%2BipMS1tIypqairoJqwtb%2BMo6ysrJmbxm6u1LJkq5mknruoeZBpamxpZ2d9eoU%3D