Pharming Group NV

PHAR · NYSE

$11.20+$0.53 (+4.97%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $10.67

PHAR analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $23.95 (+113.9% upside)

Low: $20.63
Now: $11.20
High: $29.18

Upgrades and downgrades

The latest rating actions, newest first

PHAR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 22, 2026	Maintains	Buy	$37.00	40%
HC Wainwright & Co.	Sep 14, 2026	Maintains	Buy	$37.00	40%
Canaccord Genuity	Aug 3, 2026	Maintains	Buy	$37.00 → $38.00	43%
Canaccord Genuity	Apr 10, 2026	Initiates	Buy	$37.00	43%
HC Wainwright & Co.	Mar 24, 2026	Maintains	Buy	$37.00	40%
Oppenheimer	Mar 13, 2026	Maintains	Outperform	$42.00 → $41.00	33%

The case for and against

Updated Oct 8, 2026

Bull case

Pharming is viewed positively because leniolisib is showing encouraging activity beyond APDS, with Phase 2 data in 13 genetically defined PID patients indicating broad improvements in immune dysregulation, including a mean 26.4% reduction in spleen volume, alongside no new safety signals. The FDA approval of Joenja for children ages 4-11 with APDS who weigh at least 27 kg removes a key regulatory overhang, makes it the first U.S.-approved treatment for that group, and should broaden access through Pharming’s existing specialty distribution network. Together, these developments reinforce the company’s ability to expand its rare-disease franchise through efficient execution across development, regulation, and commercialization.

Bear case

Pharming is exposed to meaningful execution risk because its valuation still depends heavily on Ruconest and Joenja, which together drive the entire clinical NPV profile, while KL1333 remains only a future upside opportunity rather than a current support to value. The company’s negative outlook is justified by the risk of limited market penetration, which would cap commercial traction in a niche rare-disease portfolio despite its integrated capabilities across development, manufacturing, and commercialization. Additional downside stems from failed or inconclusive clinical trials and the possibility of insufficient funding to advance drugs through development, any of which could weaken the investment case even with strong U.S. revenue exposure.

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