Canaccord Genuity Group Begins Coverage on Pharming Group (NASDAQ:PHAR)

Stock analysts at Canaccord Genuity Group started coverage on shares of Pharming Group (NASDAQ:PHAR) in a research note issued on Friday, Marketbeat.com reports. The brokerage set a “buy” rating and a $37.00 price target on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 116.50% from the company’s previous close.

Other research analysts also recently issued reports about the stock. HC Wainwright restated a “buy” rating and issued a $37.00 target price on shares of Pharming Group in a research note on Tuesday, March 24th. Weiss Ratings upgraded shares of Pharming Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, March 30th. Oppenheimer reiterated an “outperform” rating and set a $41.00 price objective (down from $42.00) on shares of Pharming Group in a research note on Friday, March 13th. Wall Street Zen upgraded shares of Pharming Group to a “strong-buy” rating in a research note on Saturday, December 27th. Finally, Zacks Research downgraded shares of Pharming Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 12th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.33.

Pharming Group Price Performance

Shares of PHAR stock opened at $17.09 on Friday. The company has a market capitalization of $1.20 billion, a PE ratio of 1,709.00 and a beta of 0.05. The firm has a fifty day simple moving average of $16.16 and a 200-day simple moving average of $16.31. The company has a current ratio of 2.59, a quick ratio of 2.03 and a debt-to-equity ratio of 0.33. Pharming Group has a twelve month low of $7.79 and a twelve month high of $21.34.

Pharming Group (NASDAQ:PHAR) last announced its earnings results on Thursday, March 12th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.08). The firm had revenue of $106.50 million during the quarter, compared to analysts’ expectations of $111.76 million. Pharming Group had a net margin of 0.71% and a return on equity of 1.08%. Equities research analysts anticipate that Pharming Group will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC bought a new position in Pharming Group during the 2nd quarter valued at $32,000. SmartHarvest Portfolios LLC bought a new position in shares of Pharming Group in the 4th quarter worth about $224,000. Millennium Management LLC bought a new position in shares of Pharming Group in the 4th quarter worth about $360,000. Finally, NewEdge Advisors LLC lifted its position in shares of Pharming Group by 11,310.3% in the 4th quarter. NewEdge Advisors LLC now owns 28,868 shares of the company’s stock worth $510,000 after buying an additional 28,615 shares during the last quarter. 0.03% of the stock is currently owned by institutional investors.

About Pharming Group

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.