Oppenheimer on Pharming Group (PHAR): 'Ruconest Performance Exceeds Expectations'

Oppenheimer analyst Jeff Jones reiterated an Outperform rating and $39.00 price target on Pharming Group (NASDAQ: PHAR).

The analyst comments "PHAR reported 3Q results Tuesday morning consistent with preliminary results pre-reported last week (Note). Highlights include: stronger than anticipated Ruconest performance, continued Joenja growth, and improving operational leverage. Strong revenue growth seen for Ruconest, in part attributed to channel inventory timing, with demand appearing to stabilize with strong patient retention. Meanwhile, the Joenja franchise continues to perform well across both US and international markets, with additional growth catalysts emerging from recently approved pediatric dosing and ongoing geographic expansion. Management reiterated expectations for a November CVID top-line readout and appears increasingly confident regarding a potential registrational path, which we believe remains a significant value driver for shares over the next 12 months. We update our model for actuals and maintain our Outperform rating and $39PT."

For an analyst ratings summary and ratings history on Pharming Group click here. For more ratings news on Pharming Group click here.

Shares of Pharming Group closed at $11.87 yesterday.

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