In a report released today, Alethia Young from Cantor Fitzgerald maintained a Buy rating on Ascendis Pharma (ASND), with a price target of $185. The company’s shares opened today at $113.15, close to its 52-week high of $117.84.
Young observed:
“We were positively surprised that the TransCon hGH study for growth hormone achieved a superior result on annualized growth velocity of .86cm (p value =0.0088). We think that the expectation had been non-inferiority with a slightly favorable numerical trend. We also thought safety was clean as well, which has been a challenge with other long acting growth hormones. ASND shares are up 60+% in early trading today, versus 0.2% for the S&P 500. We would expect shares to trade up 50-100% based on our model. We see continued upside from ASND shares here as additional programs, such as TransCon PTH, achieve proof of concept and more candidates from the proprietary TransCon platform enter the clinic. We are taking up our PT from $100 to $185. These Phase 3 data are de- risking for the overall TransCon platform.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 6.8% and a 48.9% success rate. Young covers the Healthcare sector, focusing on stocks such as Spectrum Pharmaceuticals, Vertex Pharmaceuticals, and Sarepta Therapeutics.
Ascendis Pharma has an analyst consensus of Strong Buy, with a price target consensus of $91.
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The company has a one-year high of $117.84 and a one-year low of $53.21. Currently, Ascendis Pharma has an average volume of 193.9K.
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Ascendis Pharma A/S is a biopharmaceutical company, which engages in the development of drug candidates. Through its TransCon technology, it develops a pipeline of sustained release prodrug therapies including endocrinology product candidates to support the market.
