Ascendis Pharma: Sustained Commercial Momentum and TransCon Pipeline Catalysts Underpin Buy Rating

Analyst Yun Zhong from Wedbush maintained a Buy rating on Ascendis Pharma and keeping the price target at $240.00.

Yun Zhong has given his Buy rating due to a combination of factors related to Ascendis Pharma’s commercial momentum and pipeline visibility. He points to Yorvipath’s continued outperformance versus expectations, underpinned by solid U.S. patient uptake, stable payer dynamics, and very low penetration of the addressable population, which together imply substantial remaining headroom for growth. Management’s plan to expand Yorvipath into at least ten more countries by the end of 2026, and its goal of building a meaningful ex-U.S. revenue mix, further reinforce the long-term growth narrative. Preliminary year-end cash of roughly €616M is viewed as sufficient to fund both ongoing launches and clinical development, supporting the company’s multi-year strategy.

Yun Zhong’s rating is also based on the upcoming pipeline catalysts and the strategic evolution of the TransCon platform. He highlights the late‑stage opportunity in achondroplasia, noting that recent COACH study data suggest TransCon CNP, alone or in combination with TransCon hGH, can deliver not only height gains but also improvements in body proportions with a favorable safety profile. The February 28, 2026 PDUFA date for TransCon CNP is seen as a key inflection point, with management signaling readiness for a timely U.S. launch if approved. Additionally, the company’s work on a next‑generation once‑weekly TransCon PTH candidate that mirrors Yorvipath’s pharmacologic exposure profile underscores continued innovation and potential lifecycle expansion, supporting the view that TransCon-based products could collectively surpass €5B in annual sales by 2030.

In another report released on January 14, Morgan Stanley also maintained a Buy rating on the stock with a $250.00 price target.