Ascendis Pharma initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of Ascendis Pharma (ASND) with an Outperform rating and $255 price target Yorvipath is off to a “strong” launch and “the party is only beginning,” according to the analyst, who sees $4B-pluse peak sales “looking increasingly achievable.” The stock looks priced as if Yorvipath is the whole story, leaving the derisked pipeline looking “underappreciated,” the analyst added.