In a report released today, Vikram Purohit from Morgan Stanley upgraded Ascendis Pharma (ASND – Research Report) to a Buy, with a price target of $250.00.
Vikram Purohit has given his Buy rating due to a combination of factors that highlight the promising outlook for Ascendis Pharma. The company’s recent quarterly results showcased a strong performance of Yorvipath, its treatment for hypoparathyroidism, with U.S. sales significantly surpassing expectations. This robust sales performance, coupled with positive management commentary on launch metrics, suggests a strong market reception and potential for continued growth.
Furthermore, feedback from key opinion leaders (KOLs) indicates a high level of interest in Yorvipath, particularly for patients with moderate to severe conditions. This feedback, along with anticipated payor approvals, supports the upward revision of Yorvipath’s peak sales estimates to over $2 billion. These factors collectively contribute to a positive outlook for Ascendis Pharma, justifying the Buy rating and an increased price target.
In another report released on May 2, J.P. Morgan also reiterated a Buy rating on the stock with a $245.00 price target.