On Thursday, Evercore ISI adjusted its stock price target on shares of Ascendis Pharma (NASDAQ:ASND), a biopharmaceutical company, increasing it to $191 from the previous $181. The firm has maintained an Outperform rating on the stock.
This update follows the announcement that AstraZeneca (NASDAQ:AZN) will acquire Amolyt Pharma, which has a competing parathyroid hormone (PTH) replacement therapy in phase 3 development, for an upfront payment of $800 million and an additional $250 million in contingent value rights.
Ascendis Pharma is in the process of launching its own PTH therapy, Yorvipath, in Germany and is anticipating approval in the United States. The Prescription Drug User Fee Act (PDUFA) goal date for the U.S. Food and Drug Administration (FDA) to complete its review of the biologics license application is set for May 14, 2024.
The firm's analyst noted the timeliness of the revised price target in light of the recent acquisition news by AstraZeneca.
The analyst from Evercore ISI highlighted the significance of the recent industry developments, having met with Ascendis Pharma in January and expressed readiness to share notes and data. The acquisition of Amolyt Pharma by AstraZeneca underscores the value and potential within the PTH replacement therapy market, which Ascendis Pharma is actively targeting with Yorvipath.
Ascendis Pharma's upcoming PDUFA date is a critical milestone for the company as it could potentially open the doors to the lucrative U.S. market. The positive outlook from Evercore ISI reflects confidence in the company's commercial strategy and the clinical prospects of its therapy ahead of the anticipated regulatory decision.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.