Ascendis Pharma (ASND.O) Encouraging 78wk COACH and Commercial Updates with Yuviwiel

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06 Aug 2026 13:41:59 ET │ 11 pages

Ascendis Pharma (ASND.O)

Encouraging 78wk COACH and Commercial Updates with Yuviwel

CITI'S TAKE

In our view, maturing ph2 COACH data disclosed this morning continue to

support the class leading potential of TransCon CNP + hGH combo

regimen (TransCon X2) and Ascendis’ differentiated positioning in

achondroplasia long-term. Most notable in today’s 78-week update are

persistent gains in body proportionality and linear growth from the prior

52wk cut, as well as a steadily benign tolerability profile (of note, COACH

retains 100% study participation). With an eye to commercialization,

TransCon X2’s registration path remains ph3 dependent (study start likely

late ‘26/ early ’27 event). That said, we believe the evolving COACH data

bode well for combo regimen differentiation over CNP monotherapy,

particularly on key endpoints separate from height (i.e. body

proportionality, leg bowing, arm strength). Combined with solid 2Q

Yuviwel uptake metrics (setting up for a modest beat to VA cons of

$4.4M), we see ASND favorably positioned over the mid-term. Maintain

Buy/HR.

Buy / High Risk

Short-Term View: Upside, expires 16-AUG-26

Price (05 Aug 26 16:00)

US$244.20

Target price

US$355.00

Expected share price return

45.4%

Expected dividend yield

0.0%

Expected total return

45.4%

Market Cap

US$16,164M

Eric Joseph, PhDAC

Linear growth and body proportionality with TransCon X2 continues to outpace

CNP monotherapy. ACH Z-scores improved to +1.29 and +1.1 in TransCon CNPnaïve and previously treated cohorts, respectively — ~2–3x greater than TransCon

CNP monotherapy in ApproaCH at 78 weeks (+0.42) and 104 weeks (+0.57).

Annualized growth velocity (AGV) showed expected tapering as patients age, yet the

COACH regimen maintains a +0.7–1.0 cm/yr AGV advantage over monotherapy in

ApproaCH. Beyond height, upper/lower body segment ratio improved to -0.08/0.09, comparing >1.5-fold favorably to monotherapy. On safety, TransCon X2

maintained a tolerability profile consistent with the monotherapies, with no bone

abnormalities observed.

Outlines of TransCon X2 registration program are taking shape. In catching up

with mgmt.…