H.C. Wainwright launched coverage of Pharming Group NV (AEX:PHARM) with a “buy” rating and €1.50 price target. The stock was recently quoted at €0.45.
Pharming is focused on the development of protein therapeutics for rare and orphan diseases.
Analyst Joseph Pantginis writes that Pharming was the first company in the world to get regulatory approval for a recombinant protein produced in the milk of transgenic rabbits, Ruconest, for the treatment of hereditary angioedema (HAE). It was approved in the E.U. in October 2010, and the U.S. in July 2014, with a November 2014 launch, for the acute setting.
Two leading HAE drug, Cinryze and Berinert are isolated from blood plasma, with potential associated risks, including blood clot risk; lower purity from plasma isolation; and risk of plasma-based pathogens, he added.
Two other drugs, Firazyr and Kalbitor, have 97% injection site reactions and a Black Box warning for anaphylaxis, respectively.
“These points are in striking contrast, in our belief, to the recombinant purity (more than 99.9%) of Ruconest, very low risk of allergic reaction, and no underlying plasma risk,” Mr. Pantginis said.
