6 analyst cuts: Ascendis downgraded on FDA report, shares plunge | Pro Recap
Investing.com | Author Davit Kirakosyan
Published Apr 04, 2023 06:05AM ET
Updated Apr 04, 2023 06:26AM ET
By Davit Kirakosyan
Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday.
Ascendis Pharma shares plunge on FDA’s identified deficiencies, analysts downgrade the stock/h2
Ascendis Pharma (NASDAQ:ASND) was downgraded at Credit Suisse and Morgan Stanley after the U.S. Food & Drug Administration (FDA) said it had identified deficiencies in the company’s New Drug Application (NDA) for TransCon PTH (palopegteriparatide) in hypoparathyroidism. As a result, shares plunged more than 32% yesterday.
Credit Suisse downgraded the stock to Neutral from Outperform and cut its price target to $82.00 from $130.00, noting it is lowering the TransCon PTH PoS to 65% from 90%, as well as adjusting the timing and ramp of the TransCon PTH launch.
Meanwhile, Morgan Stanley downgraded the stock to Equalweight from Overweight and cut its price target to $108.00 from $151.00.
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