machmit schreef op 17 april 2014 11:31:
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Beetje optimistisch blijven Bik in deze Paastijd. Dat is de essentie van deze tijd: optimisme. Uitstel is hier geen afstel. Jens Hasselmeier geeft advies om te kopen met een verwachting van Euro 1.00.
On 24 February, Pharming and its US partner Salix Pharmaceuticals announced that the US Food and Drug Administration (FDA) has extended the review period of the Biologics License Application (BLA) for lead compound Ruconest by three months and will now respond to the Ruconest BLA by 16 July. We have adjusted our financial forecasts for Pharming’s increased guidance on Ruconest sales development outside the US and the extended BLA review period. We have also increased our pipeline valuation assumptions for the US projects based on information given during the FY 2013 earnings call. Our updated valuation model (shifted one year ahead) yields a new price target of EUR1.00 (previously: EUR0.70). We reiterate our Buy recommendation.
INVESTMENT RATING SYSTEM
First Berlin’s investment rating system is five tiered and includes an investment recommendation and a risk rating. Our recommendations, which are a function of our expectation of total return (forecast price appreciation and dividend yield) in the year specified, are as follows:
STRONG BUY: Expected return greater than 50% and a high level of confidence in management’s financial guidance
BUY: Expected return greater than 25%
ADD: Expected return between 0% and 25%
REDUCE: Expected negative return between 0% and -15% SELL: Expected negative return greater than15%
ANALYST CERTIFICATION
I, Jens Hasselmeier, certify that the views expressed in this report accurately reflect my personal and professional views about the subject company; and I certify that my compensation is not directly linked to any specific financial transaction including trading revenue or asset management fees; neither is it directly or indirectly related to the specific recommendation or views contained in this research. In addition, I possess no shares in the subject company.