Pharming initiated with a Buy at Jefferies

Jefferies initiated coverage of Pharming (PHAR) with a Buy rating and $14 price target The firm believes the market is either underappreciating the Joenja opportunity treating rare disease activated PI3K delta syndrome, or overestimating the competitive threat to Ruconest from new therapies for rare disease hereditary angioedema. Clinical and commercial execution over the next 12 months should start to build belief in Pharming, the analyst tells investors in a research note.