Ascendis Pharma stock price target raised to $203 by Cantor Fitzgerald

Investing.com - Cantor Fitzgerald raised its price target on Ascendis Pharma (NASDAQ:ASND) to $203.00 from $200.00 on Friday, while maintaining an Overweight rating on the stock. The company, currently valued at $11.5 billion, has seen its shares surge over 9% in the past week. According to InvestingPro data, analyst targets range from $196.60 to $303.70, reflecting strong bullish sentiment.

The research firm cited Ascendis Pharma’s strong second-quarter Yorvipath revenue of €103 million ($120.5 million), which exceeded Cantor Fitzgerald’s best-case scenario of $98.4 million and the investor survey expectation of $93 million.

Ascendis reported approximately 3,100 prescriptions for Yorvipath, a PTH replacement therapy for hypoparathyroidism, landing on the higher end of the firm’s projected range.

Cantor Fitzgerald believes Yorvipath could exit this year with more than $500 million in sales and reach blockbuster status in the second year of its U.S. launch.

The company now guides to cash flow positivity by year-end due to the commercial strength of Yorvipath, according to Cantor Fitzgerald, which continues to list Ascendis as a top pick.

In other recent news, Ascendis Pharma reported strong second-quarter earnings, driven by its Yorvipath drug, which generated €103 million in revenue, surpassing consensus estimates of €80 million. The company saw significant growth in prescriptions, with 3,100 recorded in the quarter, up from 1,550 in the first quarter. This performance has led to several investment firms raising their price targets for Ascendis Pharma. RBC Capital increased its target to $230, highlighting the strong performance despite foreign exchange challenges. TD Cowen also raised its price target to $227, citing the continued momentum of Yorvipath’s launch. BofA Securities echoed this sentiment, adjusting its target to $227, emphasizing the drug’s adoption in the U.S. and improved payor coverage. Evercore ISI set a higher price target of $285, describing the earnings as a "clean beat" against expectations. Additionally, Goldman Sachs (NYSE:GS) raised its target to $250, noting the sustained sales momentum of Yorvipath.

Ascendis Pharma stock price target raised to $203 by Cantor Fitzgerald

Cantor Fitzgerald raised its price target for Ascendis Pharma to $203, citing strong Q2 revenue from Yorvipath. Other firms like RBC Capital and Evercore ISI also raised their targets, reflecting bullish sentiment.