Ascendis Pharma's Target Boosted to $179 Amid Trial Success
Ascendis Pharma's Target Boosted Following Encouraging Trial Results
Recently, a Jefferies analyst raised the price target for Ascendis Pharma (NASDAQ: ASND) to $179 from the earlier target of $174 while maintaining a strong "Buy" rating. This adjustment comes on the heels of new clinical trial data for Ascendis Pharma's promising product candidate, Navepegritide, which is aimed at treating children suffering from achondroplasia.
Exciting Developments in Pediatric Growth Treatment
Ascendis Pharma has recently unveiled pivotal trial results that highlight Navepegritide's effectiveness. The trial studied a pediatric group aged between 2 and 11 years and revealed an impressive annual growth velocity (AGV) of 5.89 centimeters, significantly surpassing the 4.41 centimeters recorded in the placebo group. This finding, with a p-value of less than 0.0001 at the 52-week mark, showcases a strong statistical significance.
Comparing Outcomes and Highlighting Advantages
Interestingly, the results from Navepegritide's trials were comparable to BioMarin's Voxzogo Phase 3 outcomes. The latter registered an AGV of 5.61 centimeters for their treatment, against 3.94 centimeters for the placebo group. Notably, Navepegritide's once-weekly dosing schedules emerged as a distinctive advantage in treating achondroplasia, setting it apart from competitors.
Future Prospects and Regulatory Submission Plans
Looking ahead, Ascendis Pharma is gearing up to submit a New Drug Application (NDA) for Navepegritide in the first quarter of 2025. This anticipated submission is likely one of the factors influencing the positive outlook from analysts and bolstering the revised target price of the company's shares.
Positive Results from the ApproaCH Trial
In other developments, Ascendis Pharma declared fruitful findings from its Phase 3 ApproaCH trial that evaluated TransCon CNP treatment in children with achondroplasia. The trial indicated a significant increase in the annualized growth velocity compared to the placebo group, reinforcing the efficacy of their treatment approach.
The Support from Major Investment Banks
Significantly, various investment firms, including Barclays, Goldman Sachs, BofA Securities, and Stifel, have expressed confidence in Ascendis Pharma by maintaining their "Buy" ratings with price targets ranging from $175 to $200. Such endorsements bolster Ascendis Pharma's position as it prepares to seek regulatory approval for TransCon CNP in both the United States and European Union in 2025.
Recent Funding and Financial Updates
Ascendis Pharma also announced exciting developments, including a new funding agreement with Royalty Pharma, valued at $150 million. Additionally, they successfully received U.S. approval for their product YORVIPATH, aimed at adults with hypoparathyroidism. The company concluded the quarter with a robust cash position of EUR259 million and is projecting revenues of EUR220 million to EUR240 million for SKYTROFA for the entire year of 2024.
Frequently Asked Questions
What is the new price target for Ascendis Pharma's stock?
The new price target for Ascendis Pharma's stock is $179, raised from $174 by Jefferies.
What is Navepegritide and who is it for?
Navepegritide is a product candidate designed for the treatment of achondroplasia in children aged 2 to 11 years.
What were the key outcomes of the latest trial for Navepegritide?
The latest trial showed an impressive AGV of 5.89 centimeters per year, significantly better than the placebo group.
What other treatments are related to Ascendis Pharma?
Ascendis Pharma is also working on other treatments, including TransCon CNP for achondroplasia and products like YORVIPATH for adult hypoparathyroidism.
What is the revenue forecast for SKYTROFA in 2024?
The revenue forecast for SKYTROFA in 2024 is between EUR220 million and EUR240 million.
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