First Berlin Equity Research has published a research update on Pharming Group NV (ISIN: NL0010391025). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 2.20 price target.

Abstract
Yesterday Pharming announced that an abstract highlighting positive topline data from its phase 2 trial with leniolisib in genetically identifiable primary immunodeficiencies (PIDs) with immune dysregulation linked to PI3KD signalling (n=13) has been accepted at the 22nd Biennial Meeting of the European Society for Immunodeficiencies (ESID). ESID will take place during October 14-17 in the Netherlands. Patients suffering from genetically identifiable PIDs with immune dysregulation linked to PI3KD signalling typically experience lymphoproliferation (overproduction of lymphocytes such as T cells and B cells). Many sufferers also develop lymphoma (a type of blood cancer). Lymphoproliferation causes the physical enlargement of both lymph nodes (lymphadenopathy) and the spleen (splenomegaly) because these organs are the primary sites where lymphocytes multiply. Against this background, it is encouraging that clinical results of the phase 2 trial showed improvements in lymphoproliferative disease, with a mean 26.4% spleen volume reduction and reductions in the size of index lesions (cancer tumours). Safety observations were consistent with the known safety profile of leniolisib, with infections as the most common events observed. No new safety signals were identified. Additional data will be presented next month at ESID. We maintain our Buy recommendation and €2.20 price target (upside: 128%).