Wells Fargo analyst Derek Archila lowered the firm’s price target on Ascendis Pharma to $134 from $139 and keeps an Overweight rating on the shares. The firm notes management had a type A meeting with the FDA in late August, and submitted info supporting an updated control strategy. If the NDA resub is accepted, in a Class I scenario, TransCon PTH could be approved by Dec 2023, or April 2024 in a Class II scenario. Wells thinks the two TransCon PTH scenarios management outlined are both good, with a Class I review offering upside for shares. Positive updates on TransCon CNP’s regulatory path and addressing its near-term cash runway remove overhangs, the firm adds.
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