Ascendis Pharma, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Yun Zhong from Wedbush maintained a Buy rating on the stock and has a $220.00 price target.
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Yun Zhong has given his Buy rating due to a combination of factors related to Ascendis Pharma’s promising developments with their TransCon CNP treatment for achondroplasia. The Phase 3 ApproaCH study revealed significant clinical benefits beyond just promoting linear growth, such as improvements in skeletal proportionality, lower limb alignment, and health-related quality of life for patients.
The study’s results showed that TransCon CNP had a better efficacy in promoting growth compared to Voxzogo, with a numerically larger increase in annualized growth velocity. Additionally, the treatment demonstrated positive effects on skeletal proportionality and limb alignment, which are crucial for patient outcomes. These factors, coupled with the expectation of FDA approval by late 2025 and the convenience of weekly dosing, contribute to the strong differentiation of TransCon CNP in the market, justifying the Buy rating.
In another report released on November 14, RBC Capital also reiterated a Buy rating on the stock with a $240.00 price target.