Ascendis Pharma (ASND) PT Raised to $250 at RBC Capital

RBC Capital analyst Luca Issi raised the price target on Ascendis Pharma (NASDAQ: ASND) to $250.00 (from $245.00) while maintaining a Outperform rating.

The analyst comments "ASND highlights key goals for 2026, and we had an opportunity to meet with the team. On Yorvipath, ASND emphasizes that they anticipate that the launch momentum to continue in 2026 steadily (no slowdown in patient adds). ASND also notes that the market remains largely under penetrated in the US (recall, ASND cites 5.3k unique patients start in the US vs a TAM of 70-90k), discontinuation rate remains low, and the opportunity in the EU remains very meaningful (fragmented payer system requires time and discipline, but mgmt notes that the TAM is materially larger given 150-200k patients vs 70-90k in the US). Ultimately, ASND believes that revenue split may reach 60:40 US:ex US. On next-gen PTH (weekly), ASND notes that Yorvipath will remain the gold standard during the titration phase, but they do see 35-40% of all patients (primarily the stable ones) potentially choosing a weekly option during the maintenance phase. A novel TransCon technology that minimizes peak to trough excursion has been developed and ASND is planning an expedited clinical development (short Phase I PK/PD study potentially followed by registrational Phase III). On CNP, PDUFA date is end of next month, and ASND highlights benefit beyond linear growth (particularly on arm span with GH combo) and remains somewhat skeptical of the pan FGFR class. On the financials, ASND reiterates €500m in operating cash flow for 2026, €5b+ top-line by 2030 (vs ~€3.5b consensus), and Yorvipath ultimately a €5-8b drug at peak. Overall, we continue to like the set-up given our extensive checks suggest Yorvipath will likely be a multi-billion dollar drug, ASND has a golden opportunity to capitalize on first-mover advantage (we can't think of many commercial launches in rare disease these days with little to no competition for the foreseeable future) and we continue to believe that the stock does offer M&A optionality. Model updated to reflect new guide and price target to $250 (from $245)."

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