Pharming Group (NASDAQ:PHAR) Given New $41.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity raised Pharming Group’s price target to $41 from $38 while maintaining a “buy” rating, implying roughly 238% upside from the reported $12.13 share price.
• Analyst sentiment is mixed: Pharming has three buy ratings, one hold and one sell, producing an overall “hold” consensus and an average price target of $39.67.
• Pharming exceeded quarterly earnings expectations, reporting $0.30 in EPS versus the $0.21 consensus estimate, while revenue matched forecasts at $117.6 million. MAC Alpha Capital also acquired a 3.03% stake valued at approximately $29.8 million.

Pharming Group (NASDAQ:PHAR - Get Free Report) had its target price increased by equities researchers at Canaccord Genuity Group from $38.00 to $41.00 in a report released on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price points to a potential upside of 238.00% from the stock's current price.

Other research analysts also recently issued reports about the stock. Zacks Research raised shares of Pharming Group from a "strong sell" rating to a "hold" rating in a research report on Friday, October 23rd. HC Wainwright reaffirmed a "buy" rating and issued a $37.00 target price on shares of Pharming Group in a research report on Tuesday, September 22nd. Weiss Ratings raised shares of Pharming Group from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday. Oppenheimer reiterated an "outperform" rating on shares of Pharming Group in a research report on Wednesday. Finally, Wall Street Zen raised shares of Pharming Group to a "hold" rating in a research note on Saturday, October 24th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Pharming Group presently has an average rating of "Hold" and an average target price of $39.67.

Pharming Group Trading Down 1.1%

Shares of PHAR traded down $0.13 during mid-day trading on Thursday, hitting $12.13. 12,423 shares of the company's stock traded hands, compared to its average volume of 20,333. The company has a quick ratio of 2.31, a current ratio of 3.01 and a debt-to-equity ratio of 0.34. Pharming Group has a 1 year low of $9.11 and a 1 year high of $21.34. The firm has a market capitalization of $858.54 million, a P/E ratio of 101.08 and a beta of -0.05. The business's 50-day moving average price is $10.70 and its 200-day moving average price is $13.86.

Pharming Group (NASDAQ:PHAR - Get Free Report) last announced its earnings results on Tuesday, October 27th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.09. Pharming Group had a return on equity of 3.40% and a net margin of 2.51%. The company had revenue of $117.60 million during the quarter, compared to the consensus estimate of $117.60 million. As a group, sell-side analysts forecast that Pharming Group will post 0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Pharming Group

A hedge fund recently bought a new stake in Pharming Group stock. MAC Alpha Capital Management LP acquired a new stake in shares of Pharming Group N.V. Sponsored ADR (NASDAQ:PHAR - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,148,144 shares of the company's stock, valued at approximately $29,838,000. Pharming Group comprises 6.0% of MAC Alpha Capital Management LP's holdings, making the stock its 2nd biggest holding. MAC Alpha Capital Management LP owned about 3.03% of Pharming Group at the end of the most recent quarter. Institutional investors and hedge funds own 0.03% of the company's stock.

About Pharming Group

Pharming Group N.V. is a biopharmaceutical company headquartered in Leiden, the Netherlands. The company develops and commercializes medicines for rare diseases and operates internationally, serving patients and healthcare providers in North America, Europe and other selected markets.

Pharming's principal product is Ruconest, a recombinant C1 esterase inhibitor used to treat acute attacks of hereditary angioedema, a rare genetic disorder that can cause potentially serious swelling. The company also markets Joenja (leniolisib), an oral treatment for activated phosphoinositide 3-kinase delta syndrome (APDS), a rare primary immunodeficiency.

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