Wedbush analyst Yun Zhong has maintained their bullish stance on ASND stock, giving a Buy rating yesterday.
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Yun Zhong has given his Buy rating due to a combination of factors that suggest a positive outlook for Ascendis Pharma. Despite the unexpected three-month extension of the PDUFA date for TransCon CNP, Zhong believes this is a minor setback and not indicative of any significant issues with the FDA approval process. The company’s management was already preparing for a favorable decision, which indicates confidence in the eventual approval.
Furthermore, Zhong notes that Ascendis Pharma is actively pursuing additional indications for TransCon CNP, with ongoing studies and plans for further clinical trials. This proactive approach in expanding the potential uses of their product supports a strong growth trajectory. Additionally, the projected revenue for TransCon CNP is considered conservative, suggesting potential for financial upside. These factors combined lead to a positive recommendation for the stock.
According to TipRanks, Zhong is an analyst with an average return of -9.9% and a 38.10% success rate. Zhong covers the Healthcare sector, focusing on stocks such as Rezolute, MannKind, and Ascendis Pharma.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $242.00 price target.