Ascendis Pharma price target raised to $207 from $178 at Citi

Citi analyst David Lebowitz raised the firm’s price target on Ascendis Pharma (ASND) to $207 from $178 and keeps a Buy rating on the shares. The company reported positive topline data from its pivotal ApproaCH trial of TransCon CNP in patients with achondroplasia, with improvements in annualized growth velocity, suggesting a profile that is superior to incumbent and only approved therapy, BioMarin’s (BMRN) Voxzogo, the analyst tells investors in a research note. The firm says this is well ahead of what investors had anticipated based on the Phase 2 AccompliSH results reported late-2022. Given the high treatment burden of daily injections for children with achondroplasia, Citi believes TransCon CNP’s weekly profile positions the drug as a best-in-class option.