Wedbush Starts Ascendis Pharma (ASND) at Outperform
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Wedbush initiates coverage on Ascendis Pharma (NASDAQ: ASND) with a Outperform rating and a price target of $34.00.
Analyst Liana Moussatos commented, "We believe Ascendis' TransCon technology platform creates unique sustained-release (SR) prodrug candidates that reduce treatment burden and regulatory hurdles while retaining composition-of-matter IP. Weekly-dosed TransCon human Growth Hormone (hGH) is the lead candidate in Phase 3 after achieving a best-in-class profile in Phase 2."
She added, "We believe the TransCon platform creates best-in-class candidates and can be applied to many approved drugs. Unlike other sustained-release technologies, TransCon can convert small molecules, peptides and proteins into prodrugs, then release the unmodified approved parent drug for days to months while retaining its approved profile. Less frequent dosing reduces patient burden and the improved compliance also improves real-world efficacy. By qualifying for the FDA 505(b)(2) and EMA bioequivalence pathways clinical and regulatory risks are reduced in our view. In addition, the prodrug is a new chemical entity (NCE) and provides strong intellectual property including composition of matter."
They expect TransCon hGH to be a market leader, a > $1BN market opportunity.
Shares of Ascendis Pharma closed at $19.63 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Downgrades Community Health (CYH) to Underperform
- Jefferies Raises Price Target on Texas Instruments (TXN) Following 3Q Report
- Rosenblatt Upgrades NETGEAR (NTGR) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Hot New Coverage, New Coverage
Related EntitiesLiana Moussatos
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!