Leerink Partners analyst Joseph Schwartz maintained a Buy rating on Ascendis Pharma (ASND – Research Report) on March 4 and set a price target of $190.00.
Joseph Schwartz has given his Buy rating due to a combination of factors, including the promising launch of Ascendis Pharma’s Yorvipath and the potential of their TransCon CNP platform. The company has demonstrated strong prescription numbers for Yorvipath, which treats hypoparathyroidism, and management is optimistic about the market opportunity, emphasizing that the current prescription figures are not just a temporary spike. This positive outlook is further supported by the expectation of timely reimbursement approvals.
Additionally, the potential of TransCon CNP in treating achondroplasia is highlighted as a significant opportunity, with management believing it could rival the success of Yorvipath. The differentiation of TransCon CNP from existing treatments like BioMarin’s Voxzogo, which achieved substantial sales, adds to the confidence in its market potential. Furthermore, the partnership with Novo Nordisk for metabolic and cardiovascular disease, although not the main focus, is seen as an undervalued aspect of Ascendis Pharma’s strategy. These factors collectively contribute to a positive assessment of the company’s future prospects.
Schwartz covers the Healthcare sector, focusing on stocks such as Ultragenyx Pharmaceutical, Insmed, and Ascendis Pharma. According to TipRanks, Schwartz has an average return of 11.6% and a 41.73% success rate on recommended stocks.
In another report released yesterday, Wells Fargo also reiterated a Buy rating on the stock with a $289.00 price target.