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On Friday, H.C. Wainwright reaffirmed its Buy rating on Pharming Group (NASDAQ:PHAR) with a consistent price target of $37.00. The firm’s analyst highlighted Pharming’s recent financial report, which disclosed fourth-quarter earnings per share (EPS) of $0.005 and a full-year EPS of ($0.016). These figures were slightly off from H.C. Wainwright’s projections of $0.007 and ($0.015), respectively. According to InvestingPro data, the company maintains a GOOD overall financial health score, with analyst targets ranging from $14 to $39.
Pharming’s total revenue for 2024 was reported at $297.2 million, surpassing H.C. Wainwright’s estimate of $284.7 million. The company’s Ruconest product generated $252.2 million in revenue, compared to the analyst’s expectation of $239.6 million. Joenja, another Pharming product, brought in $45 million, closely aligning with the forecasted $45.1 million. The company demonstrates impressive operational efficiency with a gross profit margin of 89.39% and strong revenue growth of 30.64% over the last twelve months. InvestingPro subscribers can access 8 additional key insights about Pharming’s growth potential.
The analyst noted the significant growth of Joenja, attributing it to an increase in U.S. patients receiving paid therapy. By the end of 2024, 96 patients were on paid therapy for Joenja, with an additional five awaiting authorization. The firm expressed satisfaction with the performance of both Ruconest and Joenja, particularly emphasizing the potential for Joenja’s market expansion in its early launch phase.
Pharming concluded the year with a strong cash position of $169.4 million, with InvestingPro analysis showing a healthy current ratio of 3.53, indicating strong liquidity. Looking forward, the company provided a revenue guidance for 2025, anticipating total revenue to be between $315 million and $335 million. The analyst reiterated the Buy rating and $37 price target, signaling confidence in Pharming’s continued growth and financial health. For comprehensive analysis of Pharming’s valuation and growth prospects, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Pharming Group announced its intention to acquire Abliva AB in a transaction valued at approximately $66.1 million. The acquisition involves a cash offer of SEK0.45 per Abliva share and has received unanimous approval from Abliva’s board. The deal has also secured commitments from Abliva’s three largest shareholders, who collectively hold 49.82% of the company’s outstanding shares. H.C. Wainwright has reaffirmed a Buy rating for Pharming, setting a price target of $37.00. This acquisition is expected to enhance Pharming’s late-stage pipeline, particularly with Abliva’s leading candidate, KL1333, which is in a pivotal clinical trial. Pharming has confirmed it has the necessary financial resources to cover the purchase and the anticipated development and commercialization costs for KL1333. The acceptance period for the acquisition is scheduled to begin on January 16, 2025, and conclude on February 7, 2025. Pharming is also exploring additional opportunities to expand its global rare disease portfolio.
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