On Monday, an analyst from Jefferies has increased the price target for Ascendis Pharma (NASDAQ:ASND) shares to $179 from the previous target of $174, while maintaining a "Buy" rating on the stock. This adjustment follows the release of new clinical trial data for Ascendis Pharma's product candidate Navepegritide, designed for children with achondroplasia.
Ascendis Pharma recently reported pivotal trial results for Navepegritide (TransCon CNP) in a pediatric population aged 2 to 11 years. The study demonstrated an annual growth velocity (AGV) of 5.89 centimeters per year compared to 4.41 centimeters per year for the placebo group, marking a statistically significant difference with a p-value of less than 0.0001 at the 52-week mark.
The Jefferies analyst noted that the trial results for Navepegritide were comparable to BioMarin's Voxzogo Phase 3 trial outcomes, which showed an AGV of 5.61 centimeters per year versus 3.94 centimeters per year for the placebo group. The once-weekly (QW) dosing of Navepegritide was highlighted as a differentiating factor in the treatment of achondroplasia.
Ascendis Pharma is expected to submit a New Drug Application (NDA) for Navepegritide in the first quarter of 2025. The anticipation of this submission appears to be a contributing factor to the analyst's positive outlook and the revised price target for the company's stock.
In other recent news, Ascendis Pharma reported positive results from its Phase 3 ApproaCH trial evaluating TransCon CNP treatment in children with achondroplasia. The study showed a significant increase in annualized growth velocity compared to placebo.
Barclays, Goldman Sachs, BofA Securities, and Stifel have maintained their Buy ratings on Ascendis Pharma, setting price targets ranging from $175 to $200. Ascendis Pharma is preparing to file for regulatory approval for TransCon CNP in the United States and the European Union in 2025.
The company also revealed promising signs from its ongoing Phase 1/2 IL-Believe Trial with TransCon IL-2 β/γ showing clinical activity in patients with platinum-resistant ovarian cancer.
Ascendis Pharma secured a new funding agreement with Royalty Pharma worth $150 million and received U.S. approval for its product YORVIPATH for adult hypoparathyroidism. The company ended the quarter with EUR259 million in cash and equivalents, with forecasts for SKYTROFA revenue set at EUR220 million to EUR240 million for the full year of 2024.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.