RBC Capital initiated coverage of Ascendis Pharma (ASND) with an Outperform rating and $205 price target. The stock has outperformed the S&P Biotech ETF XBI lately, but the firm sees more upside from here given that its extensive checks with multiple docs suggest that Yorvipath will be a EUR 3B drug, the analyst tells investors in a research note. Ascendis has a golden opportunity to capitalize on first-mover advantage given that AstraZeneca (AZN) is unlikely differentiated and MBX Biosciences (MBX) is “materially behind”, RBC adds.
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