holmes schreef op 12 januari 2024 16:09:
Pharming Group: Strong Buy Rating on Robust Revenue Growth and Promising Clinical Pipeline Expansion
Catie PowersJan 08, 2024, 12:26 PM
Pharming Group (PHAR – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Joseph Pantginis from H.C. Wainwright remains neutral on the stock and has a $37.00 price target.
Joseph Pantginis has given his Buy rating due to a combination of factors that indicate a positive outlook for Pharming Group. The company’s 2023 revenue showed a significant increase, with Ruconest sales growing by 10%, surpassing expectations with approximately $227 million in revenue against the anticipated $214.8 million. This growth can be attributed to a 25% increase in new patient enrollments and a 13% rise in the prescribing base for Ruconest, highlighting the ongoing demand for rescue/acute therapy in the hereditary angioedema (HAE) market. Additionally, the successful initial launch of Joenja, contributing around $18 million in its first partial year, points toward multiple avenues for future revenue growth, including patient identification and market expansion.
Furthermore, Pharming Group’s robust financial position, with an anticipated $215 million in cash, equips the company to potentially expand its clinical pipeline and fund trials. The company’s strategic move to initiate clinical studies for leniolisib in primary immunodeficiencies (PIDs), based on constructive feedback from the FDA, marks a significant step forward. The Phase 2 trial for leniolisib is designed to probe its safety, tolerability, and clinical efficacy in PIDs, which represent a population with high unmet medical needs. With no approved therapies currently targeting the underlying immune dysfunction in PIDs, leniolisib’s mechanism of action and its demonstrated success in APDS suggest a potential for accelerated value generation for Pharming, further justifying the Buy rating.
Pharming Group (PHAR) Company Description:
Pharming Group is engaged in the development of products for the treatment of unmet medical needs. The company focuses on the development and production of human therapeutic proteins to provide life-changing solutions to patients. Its product includes Ruconest. Most of the revenue generated from the United States.
Read More on PHAR:
• Pharming management to meet with Oppenheimer