Cantor Fitzgerald increased its 12-month price target for Ascendis Pharma to $300.00 from $254.00 on Thursday and left its Overweight rating unchanged. The new target implies a notable premium to the stock's prevailing level of $218.05. InvestingPro data referenced in the analysis shows Ascendis has returned 75.59% over the prior 12 months, and the InvestingPro Fair Value model indicates the stock appears slightly undervalued at current prices.
The research house said the update was timed after Ascendis reported fourth-quarter 2025 results on February 11, results that largely tracked earlier guidance from the company and contained few surprises given a prior pre-announcement. Ascendis' reported figures underscore robust top-line expansion and profitability metrics: the company has delivered 97.46% revenue growth over the last twelve months and sustained gross profit margins of 86.8%.
Cantor Fitzgerald noted that more consequential headlines that day came from a competitor. BridgeBio published Phase 3 topline results for infigratinib in achondroplasia - results that could represent competition for Ascendis' TransCon CNP, which has a PDUFA date of February 28. The firm framed the competitor development not primarily as a negative but as a clearing event for Ascendis shares, and it suggested the market narrative around the CNP franchise should pivot toward the potential for combination approaches.
Supporting that strategic reframing, the research note referenced physician checks that show enthusiasm for pairing TransCon CNP with Skytrofa in the COACH trial, with clinicians perceiving the combination as setting a new benchmark. Cantor Fitzgerald therefore views the competitive data point as reason to reassess the franchise opportunity rather than simply as direct head-to-head risk.
Additional analyst activity and company disclosure published alongside these developments painted a mixed financial picture. Ascendis reported a wider-than-expected fourth-quarter loss per share of -0.55, versus an expected -0.15, and revenue of 240 million euros, slightly beneath the forecasted 245.68 million euros. In light of these results, Stifel raised its price target to $325 from $256 and maintained a Buy rating, citing growth in Yorvipath as a central element of its favorable outlook for 2026.
The competitive clinical news also drove near-term volatility: Ascendis' shares fell following BridgeBio's positive Phase 3 outcomes for its oral achondroplasia candidate infigratinib, which showed meaningful improvements in height velocity and body proportionality versus placebo. Those results underscore the competitive dynamics within the achondroplasia treatment landscape and the ongoing challenges Ascendis must navigate as it advances commercialization and positioning for TransCon CNP.
In aggregate, the Cantor Fitzgerald note elevates the price target while preserving a constructive stance on the shares, anchored in strong recent revenue growth and margin performance. At the same time, rival clinical data and the company's recent missed-quarter metrics illustrate the mix of upside and execution risks that market participants will weigh ahead of the TransCon CNP regulatory milestone.
Key points
- Cantor Fitzgerald raised its Ascendis price target to $300 from $254 and kept an Overweight rating, with the stock trading at $218.05 at the time of the note.
- Ascendis reported strong trailing revenue growth of 97.46% and gross margins of 86.8%, but its fourth-quarter results showed an EPS of -0.55 versus an expected -0.15 and revenue of 240 million euros versus an expected 245.68 million euros.
- Competitive Phase 3 topline results from BridgeBio for infigratinib could affect positioning for TransCon CNP, with analysts reframing the opportunity toward combination therapy potential and physician checks signaling interest in a TransCon CNP-Skytrofa pairing.
Risks and uncertainties
- Regulatory timing and outcomes - TransCon CNP has a PDUFA date of February 28; regulatory decisions will directly affect commercialization prospects and market valuation.
- Competitive clinical results - positive outcomes from rival programs, such as BridgeBio's infigratinib data, can alter the competitive landscape and prompt market reactions that influence stock volatility.
- Execution and financial delivery - recent quarterly results featured a larger-than-expected loss per share and revenue slightly below forecasts, highlighting execution risk in meeting near-term expectations.
Sectors impacted include biotechnology and pharmaceuticals, and market participants in equity and healthcare-focused funds are likely to monitor these developments closely.