Ascendis Pharma has positive read-through from BridgeBio data, says BofA

After BridgeBio (BBIO) announced positive data from cohort 5 of its PROPEL2 study evaluating infigratinib in children with achondroplasia, BofA analyst Tazeen Ahmad said the data has a positive read-through for Ascendis Pharma’s (ASND) TransCon CNP. While the analyst cautions against making an apples-to-apples comparison, PROPEL2 results read favorably for TransCon CNP based on both agents showing similar improvement in AHV while targeting the same pathway, the analyst tells investors. The firm, which said the biggest drivers of value for Ascendis remain TransCon PTH,followed by Skytrofa in GHD, has a Buy rating and $132 price target on Ascendis shares.