Ascendis Pharma upgraded to Outperform from Perform at Oppenheimer

Oppenheimer upgraded Ascendis Pharma to Outperform from Perform with an $180 price target. The analyst upgrades the shares ahead of Yorvipath’s U.S. launch for hypoparathyroidism in Q1 of 2025 and this month’s top-line results from TransCon CNP’s Phase 3 trial in achondroplasia. Key opinion leader checks indicate strong physician and patient demand for Yorvipath, the analyst tells investors in a research note. When coupled with the above-expectations pricing, the firm sees sales “briskly growing toward” its 2029 estimate of $1.7B in global revenue. Opco also believes the market has largely written off TransCon CNP, “providing an appealing setup” as it has optimism for a competitive pivotal efficacy showing. It sees current Ascendis levels as “offering a particularly attractive entry.”