Ascendis Pharma price target lowered to $178 from $193 at Citi

Citi lowered the firm’s price target on Ascendis Pharma to $178 from $193 and keeps a Buy rating on the shares. The company’s Q2 missed Street estimates on revenue and GAAP earnings as it made significant accounting adjustments to true-up prior quarter Skytrofa pricing with payors, the analyst tells investors in a research note. Accordingly, Skytrofa came in well below expectations, leading management to lower fisacl 2024 Skytrofa guidance by 30% at the midpoint, notes Citi. The firms says that beyond Skytrofa, Ascendis continues to advance its Yorvipath franchise.