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Ascendis Pharma price target raised to $201 from $196 at BofA

BofA analyst Tazeen Ahmad raised the firm’s price target on Ascendis Pharma (ASND) to $201 from $196 and keeps a Buy rating on the shares after the company announced the NDA submission for TransCon CNP in achondroplasia was accepted by the FDA with a priority review and an assigned PDUFA action date of November 30. The firm, which also notes that the FDA commented that they are not currently planning to hold an advisory committee meeting, thinks the acceptance with priority review and no adcom provides some de-risking of the likelihood of approval and “provides a clear line of sight on a potential timeline to market,” the analyst tells investors. The firm increased its view of the U.S. likelihood-of-success for TransCon CNP to 90% from 75% and continues to assume a commercial launch in 2026.

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