Ascendis jumps after FDA approves growth hormone therapy

Ascendis Pharma A/S

26/08/2021 14:20

** U.S-listed shares of Danish biopharma co  ASND.O  soar 
21% to $149.99 premarket - set to open at a more than 5-mth high
    ** At least 5 brokerages raise PT on ASND after U.S. FDA
approves co's growth hormone therapy, Skytrofa, for pediatric
patients a month ahead of its target action date  urn:newsml:reuters.com:*:nGNX50pfT
    ** Co during its Q2 post-earnings call said it is aiming for
"premium pricing" for the product with a view to building up
long-term value and is not focused on volumes
    ** SVB Leerink says the early decision was not completely
unexpected as the target date had already got delayed by three
months previously, ups PT to $182 from $178
    ** Brokerage is optimistic about a steady growth trajectory
for the drug given mgmt's focus on long-term gains 
    ** J.P. Morgan says the FDA approval helps de-risk co's
broader platform and pipeline and highlights multiple catalysts
over the next six to nine months
    ** Brokerage hikes PT to $175 from $172
    ** Both JPM and SVB Leerink expect the European Commission's
decision on the drug in Q4
    ** ASND had fallen 25.9% YTD, up to the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))