JPMorgan ups Ascendis target, sees buying opportunity on pullback

JPMorgan raised the firm’s price target on Ascendis Pharma (ASND) to $167 from $165 and keeps an Overweight rating on the shares. The analyst says Ascendis shares are down 6% year-to-date despite better than expected early U.S. launch metrics for Yorvipath, as the upcoming Phase III data for AstraZeneca’s (AZN) eneboparatide has become an overhang. However, Ascendis is “poised to rebound” and work higher once investors get through the data and back to tracking what will be a “very robust” U.S. Yorvipath launch, the analyst tells investors in a research note. The firm sees the recent pullback in the shares as a buying opportunity.