Ascendis Pharma (ASND) is making steady progress toward durable long-term growth, Wedbush Securities said in a Thursday note.

The brokerage highlighted the ongoing adoption of the company's hypoparathyroidism treatment, Yorvipath. Unique US patient enrollments exceeded 5,300, while roughly 2,400 healthcare providers were prescribing the therapy at the end of 2025. Wedbush said it showed linear growth from prior quarters.

Management also noted that less than 5% of US patients are currently on therapy, suggesting significant room for expansion. Full commercial launches are expected in 10 additional countries by year-end 2026.

Ascendis' once-weekly TransCon PTH formulation incorporates a new linker for optimized release, which has achieved parathyroid hormone exposure levels comparable with Yorvipath. Management plans to rely on pharmacokinetic comparability to guide patients who have stabilized on daily Yorvipath dosing.

Wedbush said the company faces limited regulatory risk for TransCon CNP in children with achondroplasia. Uptake upon launch is expected to follow the initial trend of competitor Voxzogo.

The company's management anticipates a timely launch after FDA approval and plans to leverage its established commercial infrastructure. Recent 52-week data support both robust linear growth and additional health benefits, which positions TransCon CNP as a potential backbone therapy for achondroplasia.

The firm also noted that Ascendis reported quarterly operating profit again and expects operating cash flow of about 500 million euros in 2026. Wedbush said the company is well-positioned to support clinical and commercial activities, combined with the year-end 2025 total cash of 616 million euros.

Wedbush maintained the company's stock rating at outperform and raised the price target to $273 from $240.

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