Pharming price target lowered to $40 from $41 at Oppenheimer

Oppenheimer lowered the firm’s price target on Pharming (PHAR) to $40 from $41 and keeps an Outperform rating on the shares. The firm notes the company reported Q1 results with Ruconest revenues taking a larger than anticipated seasonal hit, driving disappointing Q1 top-line revenues of $72.4M vs. estimates. Given the magnitude of the seasonal revenue fall off compared to last year, Oppenheimer sees meeting guidance as a challenge with management reiterating prior full year guidance of $405M-$415M.