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 rated Pharming Group’s stock with a Buy rating due to several key factors. One of the primary reasons is the impressive performance of the company’s core product, Ruconest, which generated a revenue of $60.2 million in the third quarter of 2023, exceeding Pantginis’ estimation of $56.4 million. Ruconest, a treatment for acute rescue settings, is expected to maintain steady growth in the single digits. This is due to the increasing demand in the US market, marked by patient enrollments and the number of prescribers. Additionally, the company is becoming less reliant on heavy users, which indicates an improving patient balance.
Another contributing factor is the successful initial launch of the company’s new product, Joenja. The revenue from Joenja came in at $6.5 million, surpassing the estimated $5.0 million. The product is now transitioning from the immediate launch phase to family testing, with strong reimbursement figures reported so far. It’s also worth noting that Pharming Group has a robust financial standing, having ended the quarter with $199.2 million in cash. Pantginis also acknowledges the potential for regulatory developments related to Joenja, such as approvals in pediatric label expansion, Japan, and Canada in 2024. This, coupled with the potential for new indications for Joenja by year-end, strengthens the case for a Buy rating for Pharming Group’s stock.
See today’s best-performing stocks on TipRanks >>
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 (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.
