On Friday, Citi reaffirmed its Buy rating on shares of Ascendis Pharma (NASDAQ:ASND), maintaining a price target of $178.00. The endorsement comes as Ascendis is set to unveil data from its phase 1/2 trial at the European Society for Medical Oncology (ESMO) conference, which runs from September 13 to September 17. The trial, known as the IL-Believe trial of TransCon IL-2 β/γ, focuses on patients with platinum-resistant ovarian cancer (PROC).
The presentation at ESMO will include details from 18 patients participating in the trial, although only 14 of these patients were considered evaluable for efficacy due to four discontinuations caused by disease progression or death.
Among the evaluable patients, Ascendis observed clinical responses in 29%, which equates to four individuals. Two of these patients had confirmed partial responses, while the other two had unconfirmed partial responses. The most common side effects reported were fatigue, thrombocytopenia, neutropenia, and anemia.
Looking beyond the ESMO conference, Citi anticipates forthcoming data related to Ascendis's therapy for achondroplasia, TransCon CNP, which is likely to be released by next week.
The firm expressed a positive outlook for Ascendis Pharma, suggesting that the company is well-positioned ahead of the upcoming data release. According to Citi, the risk/reward balance is favorable, reflecting investor expectations for the program and an improved understanding of how Ascendis's trial differs from those of its competitors.
In other recent news, Ascendis Pharma has reported a series of developments. The company's ongoing Phase 1/2 IL-Believe Trial revealed promising signs of clinical activity in patients with platinum-resistant ovarian cancer when treated with TransCon IL-2 β/γ.
This was complemented by a series of analyst upgrades and downgrades, with Citi maintaining a Buy rating, TD Cowen reiterating its Buy rating, and Oppenheimer upgrading Ascendis Pharma from Perform to Outperform.
Additional reports indicate that the company's second-quarter financial results for 2024 showed a mix of growth and challenges, with a notable decrease in SKYTROFA revenue due to adjustments and higher sales deductions. However, Ascendis Pharma secured a new funding agreement with Royalty Pharma worth $150 million, and its product YORVIPATH for adult hypoparathyroidism received U.S. approval.
The company's R&D costs decreased by 21% year-over-year, while SG&A expenses increased due to higher employee costs. Ascendis Pharma ended the quarter with EUR259 million in cash and equivalents, with forecasts for SKYTROFA revenue set at EUR220 million to EUR240 million for the full year of 2024.
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