Ascendis Pharma initiated with a Buy at Stifel

Stifel initiated coverage of Ascendis Pharma with a Buy rating and $200 price target. Hypoparathyroidism with a new PDUFA date of August 14 represents “a multi-billion euro commercial opportunity” against the backdrop of a growth hormone base business for Skytrofa that can continue to grow via broader transition of the daily market to weekly and label expansion, the analyst tells investors. The firm models peak sales for TransCon PTH in Hypoparathyroidism of EUR 3B based on “conservative penetration assumptions” and Skytrofa sales of EUR 1.3B, while beyond Hypoparathyroidism and Skytrofa it also sees optionality within the broader pipeline, the analyst added.