Ascendis Pharma added to Wedbush's best ideas list

• Wedbush had added Ascendis Pharma (ASND) to its best ideas list, saying that its TransCon (transient conjugation) platform technology and the potential U.S. approval of TC-PTH for hypoparathyroidism.
• The firm lowered its price target to $186 from $195 (~97% upside based on Friday's close).
• The TransCon platform is designed "to develop sustained-release prodrugs that predictably release unmodified active drug and overcome the limitations associated with other extended duration approaches," according to Wedbush analyst Andreas Argyrides.
• Despite a recent complete response letter from the US FDA on the candidate, Argyrides believes that it will still be approved. Assuming a May 2024 launch, he sees fiscal 2024 sales of $202M rising to $4.3B in fiscal 2030.
• He also sees two other potential blockbusters on the market from the company by 2026.

More on Ascendis

• Ascendis Pharma Q1 Earnings: Skytrofa Soars, PTH Hurdles Yet To Clear

• Ascendis Pharma: A Promising Diversification Play

• Ascendis Pharma: Recent FDA Setbacks Present A Buying Opportunity