Rising triangle in anticipation of accelerated approval of FDA

Pharming has received acceptance from both the EMA and FDA for the accelerated review of leniolisib. The new drug is anticipated to generate significantly more revenue compared to its current profitable drug Ruconest. While the company has been profitable for the past years, it needed to find new sources of income to be able to grow the value of the company. The end of 23Q1 will be crucial for shareholders, who would love to see acceptance from both EMA and FDA. Targets of 3-5 euro per share are not out of the question. A big spike can be expected, as a lot of people are expected to jump on this ship in case of approval.

Based on the rising triangle pattern that has been forming since June 22, the theoretical price target would be 1.90 euro, with a breakout before March 8. For now we would look at reaching prior highs.

Target 1: 1.50 euro
Target 2: 1.635 euro
Target 3: 1.90 euro