Ascendis falls as analysts say dwarfism drug less effective vs rival BioMarin's

Ascendis Pharma A/S

14/11/2022 16:22

(Updates)
    ** Shares of Ascendis Pharma A/S  ASND.O  down ~15% at
$112.10, set for worst daily pct decline if losses hold
    ** Stock among top pct losers on Nasdaq Biotechnology index
 .NBI 
    ** Late on Sunday, company said its dwarfism drug TransCon
CNP met the main goal in a mid-stage study and showed a greater
increase in height of children compared to placebo
    ** However, Truist Securities says ASND's data did not meet
the bar of 50% improvement seen with BioMarin Pharmaceutical's
 BMRN.O  already-approved treatment Voxzogo; brokerage expects
Voxzogo's dominance to continue 
    ** BMRN shares up ~3% at $84.95
    ** Cowen and Co also says ASND's mid-stage data doesn't seem
very competitive vs BMRN's Voxzogo
    ** BMRN's Voxzogo is an FDA-approved treatment for the most
common form of dwarfism known as achondroplasia in children five
years of age and older
    ** Including session moves, ASND shares down ~17% YTD, while
BMRN down ~4%
 (Reporting by Bhanvi Satija and Raghav Mahobe in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788))