Ascendis Pharma (ASND) PT Raised to $200 at Goldman Sachs

Goldman Sachs analyst Paul Choi raised the price target on Ascendis Pharma (NASDAQ: ASND) to $200.00 (from $180.00) while maintaining a Buy rating.

The analyst comments "Topline ApproaCH data indicate clear clinical benefit for TransCon CNP and competitive efficacy/safety/convenience profile; looking to detailed data and regulatory filings ahead. ASND today reported the topline results from its Phase 3 ApproaCH study of TransCon CNP in achondroplasia. The study met the primary and secondary endpoints, and the company said TransCon CNP was generally well-tolerated with no treatment discontinuations and no evidence of hypotension. Net-net, we walk away from the data more constructive on TransCon CNP's competitive positioning relative to BMRN's Voxogo (vosoritide) and BBIO's infigratinib given today's topline data and TransCon CNP's arguably more favorable dosing and administration (once-weekly injection vs. daily injection for vosoritide and daily oral administration for infigratinib) and make material changes to our TransCon CNP forecast, though we also await the additional detailed results and regulatory updates. Ahead, we await the detailed results of the study as well as the next regulatory steps for the program as ASND plans to submit an NDA for TransCon CNP in achondroplasia in 1Q25, and an MAA in the EU in 3Q25. Maintain Buy and increase 12-month PT to $200 (from $180 prior)."

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