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Oppenheimer raised its price target on Ascendis Pharma (NASDAQ:ASND) stock to $224.00 from $215.00 on Friday, while maintaining an Outperform rating on the shares. The stock, which has surged over 31% in the past six months and trades near its 52-week high of $183, aligns with the broader analyst consensus. According to InvestingPro data, analysts maintain a highly bullish stance with a consensus rating of 1.25 (Strong Buy).
The adjustment follows a commissioned survey of 20 U.S. endocrinologists who treat hypoparathyroidism, which revealed strong early demand for the company’s Yorvipath medication. Physicians indicated approximately 20-30% of their hypoparathyroid patients are expected to be using the drug within one year. This positive outlook supports InvestingPro’s projected 67% revenue growth for fiscal year 2025. Get access to 8 more exclusive InvestingPro Tips and comprehensive analysis for Ascendis Pharma.
The survey highlighted that 90% of surveyed physicians would prescribe Yorvipath to preserve kidney function before renal impairment occurs. This preference aligns with the renal impairment rate across the hypoparathyroid patient population.
While most doctors identified access and reimbursement as the largest hurdles to adoption, Oppenheimer suggested these concerns "may be more anticipation than reality." The firm characterized Yorvipath’s first full U.S. quarter as "just the beginning of a launch that will outpace expectations."
Oppenheimer has increased its product sales projections for the second quarter of 2025 and beyond, citing the strong early performance of Yorvipath in the market.
In other recent news, Ascendis Pharma has reported positive interim results from its Phase 2 COACH trial, evaluating a combination treatment for children with achondroplasia. The company highlighted significant improvements in annualized growth velocity among both treatment-naïve and previously treated patients. Additionally, the New Drug Application for TransCon CNP has been accepted by the FDA with a priority review, setting a PDUFA action date for November 30. BofA Securities raised its price target for Ascendis Pharma stock to $216, reflecting optimism about the potential market impact of these developments. RBC Capital maintained its Outperform rating, supported by a survey indicating steady growth for Yorvipath and a potentially larger target market. Meanwhile, Canaccord Genuity retained its Hold rating, expressing cautious optimism about the durability and long-term effects of the combination therapy. TD Cowen also reiterated a Buy rating, noting the potential upside to fiscal estimates for future years. These developments suggest a positive outlook for Ascendis Pharma, with analysts closely watching upcoming data releases and market strategies.
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