Weekly structural research · NASDAQ · Healthcare

PHAR Stage Analysis

Pharming Group NV

Week ending 9 Oct 2026Close USD 9.79Tenure EstablishedBenchmark QQQ

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Downward Expansion · Established contraction

The weekly architecture is expanding downward.

Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation.

The Trend gate is down within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: wide and expanding.

Direction -71−100 bearish to +100 bullish

Energy 71/100directional strength

Maturity 62/100lifecycle context

Confidence 89/100evidence agreement

Trend gate Downstructural direction

Activity structure Wideexpanding separation

Price acceptance -100.0%position within the Activity structure

Fair Value context -15.5%USD 11.59 · weakening

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Rotation UpStructure is turning higher.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Rotation DownStructure is turning lower.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-09	9.79	13.08	-42.03	29822	Downward Expansion	-71	71
2026-10-02	9.75	13.24	-42.69	78561	Downward Expansion	-74	63
2026-09-25	10.46	13.43	-38.81	458687	Downward Expansion	-66	49
2026-09-18	10.55	13.62	-36.73	106233	Downward Expansion	-68	48
2026-09-11	11.21	13.82	-32.73	88051	Downward Expansion	-60	42
2026-09-04	11.23	13.96	-33.51	62746	Downward Expansion	-63	45
2026-08-28	11.70	14.12	-31.10	96095	Downward Expansion	-59	51
2026-08-21	11.85	14.41	-30.48	85507	Downward Expansion	-62	72
2026-08-14	11.72	14.67	-33.36	244181	Downward Expansion	-62	74
2026-08-07	10.95	14.90	-37.26	59784	Downward Expansion	-74	80
2026-07-31	10.08	15.16	-39.69	90142	Downward Expansion	-80	53
2026-07-24	12.62	15.39	-24.42	22731	Downward Expansion	-50	29
2026-07-17	13.47	15.56	-20.57	31055	Downward Expansion	-37	22
2026-07-10	13.86	15.67	-21.60	40639	Downward Expansion	-41	28
2026-07-03	13.77	15.81	-20.64	24786	Downward Expansion	-46	37
2026-06-26	13.34	15.91	-22.44	36439	Downward Expansion	-60	49
2026-06-19	12.87	16.04	-28.59	10691	Downward Expansion	-63	63
2026-06-12	12.80	16.16	-27.22	26641	Downward Expansion	-66	78
2026-06-05	12.54	16.29	-27.23	61007	Downward Expansion	-68	81
2026-05-29	12.99	16.39	-28.28	70077	Downward Expansion	-66	80
2026-05-22	12.60	16.39	-28.58	64398	Downward Expansion	-73	80
2026-05-15	12.92	16.42	-26.05	62458	Rotation Down	-72	69
2026-05-08	12.98	16.46	-25.93	137480	Rotation Down	-41	33
2026-05-01	16.98	16.50	2.04	21838	Balance	27	20
2026-04-24	16.68	16.47	2.33	30278	Balance	6	13
2026-04-17	17.34	16.38	9.32	79045	Balance	19	17
2026-04-10	17.09	16.30	15.17	57743	Balance	10	9
2026-04-03	16.62	16.22	17.95	78872	Rotation Down	-13	14
2026-03-27	16.31	16.17	21.34	161525	Rotation Down	-18	28
2026-03-20	15.36	16.12	11.59	136578	Rotation Down	-21	38
2026-03-13	14.51	16.07	4.02	104999	Rotation Down	-32	37
2026-03-06	15.44	15.97	10.08	86588	Upward Expansion	-23	29
2026-02-27	16.30	15.90	15.65	116841	Upward Expansion	14	24
2026-02-20	16.36	15.72	16.72	94744	Upward Expansion	22	18
2026-02-13	15.42	15.52	12.21	146619	Upward Expansion	23	17
2026-02-06	16.09	15.35	16.43	296650	Upward Expansion	50	38
2026-01-30	20.47	15.14	46.39	182499	Upward Expansion	77	72
2026-01-23	19.70	14.81	42.65	110723	Upward Expansion	74	58
2026-01-16	18.44	14.52	35.53	135712	Upward Expansion	66	49
2026-01-09	18.71	14.26	37.59	139610	Upward Expansion	71	50
2026-01-02	17.14	13.99	30.05	143324	Upward Expansion	58	45
2025-12-26	17.80	13.82	33.78	87820	Upward Expansion	66	50
2025-12-19	16.62	13.58	27.48	128440	Upward Expansion	61	59
2025-12-12	17.98	13.37	39.86	119004	Upward Expansion	73	75
2025-12-05	16.75	13.08	29.28	125779	Upward Expansion	62	71
2025-11-28	17.50	12.85	37.97	60901	Upward Expansion	74	75
2025-11-21	16.26	12.57	36.29	98427	Upward Expansion	64	56
2025-11-14	16.81	12.31	38.21	170752	Deceleration	70	40
2025-11-07	15.43	12.02	28.04	84387	Deceleration	49	24
2025-10-31	13.10	11.77	6.33	52562	Deceleration	33	19
2025-10-24	13.60	11.59	12.89	41532	Upward Expansion	41	27
2025-10-17	14.00	11.42	19.26	68151	Upward Expansion	45	32
2025-10-10	14.27	11.25	25.10	53784	Upward Expansion	58	42
2025-10-03	16.14	11.07	39.24	50375	Upward Expansion	75	54
2025-09-26	13.79	10.80	21.64	96519	Upward Expansion	63	52
2025-09-19	14.88	10.63	31.41	91309	Upward Expansion	66	76
2025-09-12	14.68	10.43	33.68	48822	Upward Expansion	68	80
2025-09-05	15.26	10.25	42.86	49946	Upward Expansion	79	84
2025-08-29	14.90	10.03	42.40	56306	Upward Expansion	81	82
2025-08-22	13.70	9.82	31.98	69266	Upward Expansion	76	72
2025-08-15	11.65	9.67	12.15	57922	Upward Expansion	54	47
2025-08-08	13.23	9.62	28.50	76058	Deceleration	75	46
2025-08-01	10.96	9.50	11.04	57562	Deceleration	45	22
2025-07-25	10.26	9.46	2.04	24402	Deceleration	35	19
2025-07-18	10.25	9.46	2.99	20391	Deceleration	38	22
2025-07-11	10.00	9.42	1.75	9460	Upward Expansion	42	27
2025-07-04	10.58	9.39	7.29	36315	Upward Expansion	56	39
2025-06-27	11.00	9.29	13.56	13620	Upward Expansion	63	53
2025-06-20	10.45	9.17	12.63	9438	Upward Expansion	62	66
2025-06-13	10.75	9.08	16.42	12515	Upward Expansion	65	75
2025-06-06	11.86	8.99	28.03	23873	Upward Expansion	86	83
2025-05-30	10.60	8.87	17.36	4932	Upward Expansion	74	73
2025-05-23	10.38	8.80	17.15	7906	Upward Expansion	63	57
2025-05-16	9.31	8.74	2.59	25166	Rotation Down	42	32
2025-05-09	10.03	8.74	17.75	21084	Rotation Down	26	22
2025-05-02	8.96	8.69	4.75	8408	Rotation Down	-27	13
2025-04-25	8.51	8.66	2.38	18327	Rotation Down	-24	29
2025-04-18	8.09	8.65	3.01	10674	Rotation Down	-25	38
2025-04-11	8.05	8.64	-0.47	21846	Rotation Down	-18	31
2025-04-04	7.69	8.62	1.51	39747	Deceleration	-27	28
2025-03-28	8.31	8.60	-1.77	15142	Deceleration	-16	17
2025-03-21	8.84	8.58	1.26	24986	Deceleration	12	11
2025-03-14	8.95	8.54	2.12	62624	Deceleration	12	12
2025-03-07	8.05	8.50	-11.20	56817	Deceleration	-0	9
2025-02-28	8.68	8.49	-8.29	15653	Deceleration	22	14
2025-02-21	8.86	8.45	-10.37	15295	Deceleration	29	19
2025-02-14	9.20	8.42	-9.96	31770	Deceleration	31	20
2025-02-07	8.78	8.39	-12.37	48649	Upward Expansion	36	18
2025-01-31	8.76	8.39	-13.25	20501	Upward Expansion	42	27
2025-01-24	9.10	8.37	-12.33	37357	Upward Expansion	59	52
2025-01-17	10.01	8.35	-3.34	23318	Upward Expansion	67	74
2025-01-10	9.71	8.26	-4.45	15676	Upward Expansion	62	73
2025-01-03	9.89	8.22	-5.95	24528	Upward Expansion	68	72
2024-12-27	10.22	8.17	-4.63	34698	Balance	74	65
2024-12-20	9.10	8.14	-14.98	30871	Balance	57	30
2024-12-13	8.98	8.14	-18.79	51180	Downward Expansion	-3	8
2024-12-06	7.72	8.15	-30.46	35916	Downward Expansion	-48	33
2024-11-29	7.35	8.23	-32.61	22586	Balance	-47	32
2024-11-22	7.53	8.32	-31.37	35519	Balance	-41	23
2024-11-15	8.18	8.39	-25.07	41081	Rotation Up	-0	4
2024-11-08	8.17	8.45	-28.59	37154	Rotation Up	14	23
2024-11-01	8.52	8.53	-22.35	21278	Rotation Up	18	30
2024-10-25	8.70	8.60	-23.00	33319	Downward Expansion	17	23
2024-10-18	9.16	8.67	-19.77	20016	Downward Expansion	11	21
2024-10-11	8.50	8.74	-26.12	51641	Downward Expansion	-6	11
2024-10-04	8.04	8.84	-30.16	56950	Downward Expansion	-30	16
2024-09-27	8.49	8.96	-27.19	23798	Downward Expansion	-32	22
2024-09-20	7.58	9.05	-35.04	25484	Downward Expansion	-55	39
2024-09-13	7.50	9.19	-35.85	42467	Downward Expansion	-56	40
2024-09-06	7.08	9.32	-36.88	18899	Downward Expansion	-68	47
2024-08-30	7.69	9.45	-36.26	16652	Downward Expansion	-55	38
2024-08-23	7.56	9.63	-38.54	44902	Downward Expansion	-60	43
2024-08-16	7.76	9.80	-37.12	27490	Downward Expansion	-57	43
2024-08-09	8.00	9.95	-32.47	22269	Downward Expansion	-55	41
2024-08-02	7.25	10.11	-39.30	108189	Downward Expansion	-69	45
2024-07-26	7.99	10.28	-35.98	10921	Downward Expansion	-52	37
2024-07-19	8.51	10.39	-34.24	5347	Downward Expansion	-54	38
2024-07-12	8.76	10.50	-35.70	17152	Downward Expansion	-59	47
2024-07-05	8.13	10.60	-41.09	19000	Downward Expansion	-62	56
2024-06-28	8.35	10.73	-37.99	19209	Downward Expansion	-64	65
2024-06-21	7.27	10.83	-46.57	44381	Downward Expansion	-85	79
2024-06-14	8.60	10.98	-37.31	25961	Downward Expansion	-68	65
2024-06-07	8.44	11.08	-36.96	75853	Downward Expansion	-76	72
2024-05-31	9.15	11.17	-30.55	15642	Downward Expansion	-68	64
2024-05-24	9.31	11.26	-31.10	32804	Downward Expansion	-68	62
2024-05-17	9.30	11.32	-30.95	10931	Downward Expansion	-72	66
2024-05-10	10.00	11.37	-24.90	7731	Downward Expansion	-60	57
2024-05-03	10.00	11.43	-24.33	9284	Downward Expansion	-62	58
2024-04-26	9.80	11.51	-25.64	10567	Downward Expansion	-68	64
2024-04-19	10.00	11.56	-21.73	22814	Downward Expansion	-67	60
2024-04-12	10.53	11.66	-22.50	17722	Downward Expansion	-60	52
2024-04-05	10.60	11.76	-22.95	4515	Downward Expansion	-61	46
2024-03-29	10.84	11.81	-22.49	3028	Balance	-56	36
2024-03-22	11.27	11.84	-20.71	13495	Balance	-50	29
2024-03-15	11.49	11.88	-17.89	11107	Balance	-37	24
2024-03-08	11.50	11.89	-19.16	23959	Balance	-36	25
2024-03-01	11.37	11.92	-21.99	9534	Balance	-39	27
2024-02-23	11.75	11.96	-18.52	15161	Balance	-4	9
2024-02-16	11.20	11.97	-21.84	24171	Balance	-21	11
2024-02-09	11.20	12.01	-23.48	8444	Rotation Up	3	7
2024-02-02	13.04	12.04	-10.30	4811	Rotation Up	35	48
2024-01-26	12.69	11.99	-12.29	12074	Balance	18	34
2024-01-19	12.13	11.95	-16.50	6500	Balance	8	22
2024-01-12	12.90	11.92	-9.79	7317	Balance	21	22
2024-01-05	12.22	11.89	-12.56	1864	Balance	-9	5
2023-12-29	11.43	11.89	-21.42	4352	Balance	-34	14
2023-12-22	11.59	11.91	-20.65	11710	Balance	-29	12
2023-12-15	11.80	11.94	-19.13	14553	Balance	-28	12
2023-12-08	12.00	11.96	-15.53	6691	Balance	-25	11
2023-12-01	11.55	11.93	-18.83	3666	Balance	-33	16
2023-11-24	11.65	11.92	-18.72	888	Balance	-34	15
2023-11-17	11.65	11.90	-18.48	13491	Balance	-19	13
2023-11-10	11.01	11.87	-21.81	15438	Balance	-25	30
2023-11-03	12.05	11.88	-12.44	32388	Balance	-10	19
2023-10-27	11.07	11.88	-14.72	22432	Balance	-16	26
2023-10-20	10.67	11.96	-20.02	21917	Balance	-21	19

Price vs TrendBelow-25.2%

Trend directionFalling-13.7%

Price vs current Fair ValueBelow anchor-15.5%

Fair Value directionMoving away-34.2%

Relative Strength vs benchmarkLagging-42.0%

Relative strength directionWeakening-20.4%

Price momentumNegative-42.7%

Volume balanceSupply-led0.41×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

-71 / ±100

-11.0 points since 2026-09-11

Energy

71 /100

+29.0 points since 2026-09-11

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

PHAR Directional State ↗ PHAR Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance2

Rotation Up14

Upward Expansion15

Deceleration39

Rotation Down74

Downward Expansion93

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-10-20 to 2026-10-09 · 156 classified observations out of 156 shown.

Balance 19%Rotation Up 3%Upward Expansion 26%Deceleration 10%Rotation Down 8%Downward Expansion 34%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-05-22	2026-10-09	Established	-22.3%
Rotation Down	2026-05-08	2026-05-15	New	-0.5%
Balance	2026-04-10	2026-05-01	New	-0.6%
Rotation Down	2026-03-13	2026-04-03	New	+14.5%
Upward Expansion	2025-11-21	2026-03-06	Established	-5.0%
Deceleration	2025-10-31	2025-11-14	New	+28.3%
Upward Expansion	2025-08-15	2025-10-24	Developing	+16.7%
Deceleration	2025-07-18	2025-08-08	New	+29.0%
Upward Expansion	2025-05-23	2025-07-11	Developing	-3.7%
Rotation Down	2025-04-11	2025-05-16	Developing	+15.7%
Deceleration	2025-02-14	2025-04-04	Developing	-16.4%
Upward Expansion	2025-01-03	2025-02-07	Developing	-11.2%
Balance	2024-12-20	2024-12-27	New	+12.3%
Downward Expansion	2024-12-06	2024-12-13	New	+16.4%

Classic Stage Analysis comparison

Stage 1 · Basing46

Stage 2 · Advancing0

Stage 3 · Distribution24

Stage 4 · Declining100

Legacy result: Stage 4 · Stage 4B · Declining. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus QQQ

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Lagging benchmark

Architecture confirmation: 98/100
Current Relative Strength: -42.03
Relative Strength direction: Weakening
Price momentum: -42.7%
Excess performance vs benchmark: -65.7%
Healthcare regime cohort: 64th percentile286 in cohort

Test PHAR trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume0.35×

Latest completed volume relative to typical participation.

Up/down volume0.41×

Participation balance between advancing and declining observations.

Accumulation / distribution1 / 5

Recent participation evidence classified by demand and supply.

Activity alignment+0.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+0.0%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore PHAR Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity USD 10.11falling

Slow Activity USD 11.97falling

Trend Reference USD 13.08-25.2% close margin

Current Fair Value USD 11.59-15.5% close margin

Structural low USD 9.44shock / repair context

What changes the read?

Fan contraction and a persistent upward fast/slow rotation are required before the declining structure is considered repaired.

Range context +12.9%

Annualized volatility +53.9%

From structural high -54.1%

From structural low +3.7%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs QQQ	Regime survived	Read
Near term	16	-4.3%-13.0% to +59.1%	+37.5%	+62.5%	-3.3%	+81.2%	Usable descriptive sample
Intermediate	5	-1.1%-23.3% to +25.2%	+40.0%	+60.0%	+0.5%	+60.0%	Usable descriptive sample
Extended	3	-4.4%-24.2% to +40.3%	+33.3%	+66.7%	+8.6%	+33.3%	Too little matched history
Full cycle	2	+10.4%-27.5% to +48.2%	+50.0%	+50.0%	-3.8%	+0.0%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

PHAR Stage Analysis

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Volume & Price ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Momentum Intelligence

Volume & Price

Similar Charts

RMI Reversal Map