Canaccord Genuity Group Forecasts Strong Price Appreciation for Pharming Group (NASDAQ:PHAR) Stock

Key Points

• Canaccord Genuity raised Pharming Group’s price target to $38 from $37 and maintained a “buy” rating, implying roughly 287% upside from the stock’s $9.82 price.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy, one a Hold and one a Sell, resulting in a consensus “Hold” rating and an average target price of $38.67.
• Pharming’s latest quarterly results fell short of expectations, with $0.02 in EPS versus $0.06 expected and revenue of $90.2 million versus $99.52 million projected; shares were down 2.6% in trading.

Pharming Group (NASDAQ:PHAR - Get Free Report) had its price target lifted by stock analysts at Canaccord Genuity Group from $37.00 to $38.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 286.97% from the company's current price.

A number of other research analysts have also recently commented on the company. Oppenheimer reissued an "outperform" rating on shares of Pharming Group in a research note on Thursday. Zacks Research raised shares of Pharming Group from a "strong sell" rating to a "hold" rating in a research report on Friday, April 10th. Weiss Ratings downgraded shares of Pharming Group from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, May 11th. Finally, Wall Street Zen downgraded Pharming Group from a "strong-buy" rating to a "hold" rating in a report on Saturday, May 9th. Three investment 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 MarketBeat, Pharming Group currently has a consensus rating of "Hold" and an average target price of $38.67.

Pharming Group Trading Down 2.6%

PHAR traded down $0.26 during trading on Monday, hitting $9.82. The company's stock had a trading volume of 33,875 shares, compared to its average volume of 18,613. The firm has a market capitalization of $695.04 million, a P/E ratio of 81.83 and a beta of -0.04. Pharming Group has a twelve month low of $9.62 and a twelve month high of $21.34. The company has a quick ratio of 2.06, a current ratio of 2.63 and a debt-to-equity ratio of 0.35. The stock's fifty day moving average price is $13.02 and its 200-day moving average price is $15.17.

Pharming Group (NASDAQ:PHAR - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.04). The company had revenue of $90.20 million for the quarter, compared to the consensus estimate of $99.52 million. Pharming Group had a return on equity of 3.40% and a net margin of 2.51%. Analysts anticipate that Pharming Group will post 0.45 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC purchased a new position in shares of Pharming Group in the second quarter valued at about $32,000. SmartHarvest Portfolios LLC bought a new stake in Pharming Group in the 4th quarter valued at $224,000. Millennium Management LLC bought a new position in shares of Pharming Group during the 4th quarter valued at about $360,000. Finally, NewEdge Advisors LLC increased its holdings in shares of Pharming Group by 11,310.3% in the fourth quarter. NewEdge Advisors LLC now owns 28,868 shares of the company's stock worth $510,000 after purchasing an additional 28,615 shares during the last quarter. Institutional investors own 0.03% of the company's stock.

Pharming Group Company Profile

Pharming Group N.V. is a clinical-stage biopharmaceutical company headquartered in Leiden, the Netherlands, with a primary focus on developing and commercializing innovative protein replacement therapies for patients living with rare diseases. The company employs a proprietary transgenic technology platform designed to produce recombinant human proteins in the milk of transgenic animals, enabling scalable and cost-efficient manufacturing of complex therapeutic proteins.

The company's lead product, RUCONEST (recombinant human C1 esterase inhibitor), is approved for the treatment of acute hereditary angioedema (HAE) attacks in multiple markets, including the United States and Europe.

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