Pharming price target raised to $40 from $36 at Oppenheimer

Oppenheimer raised its price target on Pharming to $40 from $36 and keeps an Outperform rating on the shares. The firm notes that Pharming announced FDA approval of leniolisib, or Joenja, as the first-in-class treatment indicated for APDS, a rare and progressive primary immunodeficiency and hosted an investor call on March 27. Currently, only US APDS adult and patients over 12 years of age are eligible for Joenja. Pharming plans a U.S. launch in April, and Oppenheimer continues to expect APDS Japanese trials initiation in the near-term and EU plus U.K. potential approval in the second half of 2023.