Stifel has increased its price target on Ascendis Pharma (NASDAQ:ASND) to $325 from $256 and upheld a Buy recommendation following the company's fourth-quarter 2025 results. The newly issued target implies material upside from the stock's recent trading level of $219.46, while InvestingPro data cited in the analysis shows the shares have returned roughly 75.59% over the past year.
In its note, Stifel identified the commercial rollout of Yorvipath as the principal catalyst for Ascendis' share performance in 2026. The firm pointed to recent feedback from key opinion leaders and remarks from Ascendis management as evidence that Yorvipath should exhibit steady growth through the year.
Stifel further argued that the real-world addressable population for Yorvipath is "much larger than the theoretical 'not well managed' population," and described current 2026 consensus assumptions as overly conservative. Specifically, the firm disagreed with forecasts that imply a net slowdown in patient additions, a trajectory Stifel does not expect.
The optimism from Stifel is consistent with recent top-line momentum at Ascendis: InvestingPro figures cited by the firm show revenue growth of 97.46% over the past twelve months, and analysts continue to project robust sales expansion into 2025. Stifel updated its internal financial model to reflect Ascendis' guidance for €500 million in operating cash flow in 2026 and assumed stable year-over-year operating expenses in subsequent periods.
Operationally, Ascendis remains active beyond Yorvipath. The company continues to target a February 28 PDUFA date for its CNP program and is positioned to launch the asset if approved. Management is additionally planning a late-stage development push for a CNP/hGH combination therapy after completing an End-of-Phase 2 meeting.
Despite the encouraging growth indicators, Ascendis is not yet profitable. InvestingPro analysis included in the research note highlights healthy gross-profit margins of 86.8% but notes the company had not reached overall profitability as of the reporting period.
Ascendis reported fourth-quarter 2025 financials that contained both upside and downside elements. The company posted a loss per share of -0.55, wider than the consensus expectation of -0.15. Quarterly revenue reached 00240 million, modestly below the forecast of 00245.68 million.
Market dynamics also shifted after BridgeBio Pharma released positive Phase 3 data for its achondroplasia treatment, infigratinib. The competitor's trial met its primary endpoint, demonstrating superior annualized height velocity and statistically significant improvements in body proportionality versus placebo. Following that announcement, Ascendis' shares declined by about 3.5%, underscoring the competitive pressures within the sector.
Analysts maintain a Strong Buy consensus on Ascendis, and Stifel's model updates reflect confidence in the company's near-term commercial trajectory and cash-generation prospects. Still, the recent earnings miss and the impact of competitive clinical news illustrate the volatile environment in which biopharma equities operate.
Investors seeking deeper financial and operational detail on Ascendis can consult the firm's Pro Research coverage, which is available to subscribers ahead of the company's next scheduled earnings release on April 30.