Ascendis Pharma stock price target raised to $285 by Evercore ISI

Investing.com - Evercore ISI raised its price target on Ascendis Pharma (NASDAQ:ASND) to $285.00 from $280.00 on Friday, while maintaining an Outperform rating on the stock. The company, currently trading at $190.35, has seen its stock surge 9.1% in the past week, with analyst targets ranging from $197 to $304.

The price target adjustment follows what Evercore ISI described as a "clean beat" against high expectations in Ascendis Pharma’s recent earnings report, primarily driven by strong performance of its Yorvipath product.

The research firm extended its financial model for Ascendis through 2035, applying a 4x multiple on projected worldwide peak sales of $4.5 billion, which includes $2.8 billion from Yorvipath, $950 million from CNP, and $700 million from Skytrofa.

Evercore ISI confirmed that all other aspects of Ascendis Pharma’s business appear to be on track, according to their analysis of the company’s press release, earnings call, and follow-up management discussions.

The firm continues to list Ascendis Pharma as a "top pick" and expressed confidence in both the near-term and long-term trajectory of the company.

In other recent news, Ascendis Pharma reported a narrower-than-expected second-quarter loss, with revenue surpassing analyst estimates. The company posted a loss of EUR0.82 per share, which was significantly better than the anticipated EUR1.27 loss. Revenue reached EUR158.05 million, exceeding the consensus estimate of EUR142.38 million and marking a substantial 339% increase from EUR36.0 million in the same period last year. This impressive revenue growth was driven by strong sales of Ascendis Pharma’s YORVIPATH and SKYTROFA products. In light of these results, Goldman Sachs raised its price target for Ascendis Pharma to $250 from $225, while maintaining a Buy rating. The investment bank highlighted the robust sales of Yorvipath, which exceeded consensus expectations and showed continued momentum. These developments reflect a positive outlook for Ascendis Pharma, according to Goldman Sachs.

Ascendis Pharma stock price target raised to $285 by Evercore ISI

Evercore ISI raised its price target for Ascendis Pharma (NASDAQ:ASND) to $285 from $280, maintaining an Outperform rating. The company's stock surged 9.1% in the past week, driven by strong performance in its Yorvipath product. Goldman Sachs also raised its price target to $250, citing robust sales of Yorvipath. Ascendis reported a narrower-than-expected second-quarter loss but exceeded revenue estimates, with a 339% year-over-year revenue increase.