Ascendis Pharma A/S ASND announced that the European Commission (EC) has granted an Orphan Designation to its candidate TransCon C-Type Natriuretic Peptide (CNP) for the treatment of achondroplasia, the most common form of dwarfism. TransCon CNP is a long-acting, prodrug of CNP to be given at once-weekly subcutaneous dose.
In the EU, an Orphan Drug tag is given to the products targeting a life-threatening or chronically debilitating rare disease that affects more than 5 in 10,000 individuals for which no suitable treatment is available.
We remind investors that in February 2019, the candidate received an Orphan Drug label in the United Sates for the same indication.
Ascendis is currently evaluating TransCon CNP for the treatment of achondroplasia in the global phase II ACcomplisH study.
Shares of Ascendis have increased 1.3% year to date compared with the industry’s growth of 3.9%.
We remind investors that another company, which is BioMarin Pharmaceuticals BMRN, is also developing its pipeline candidate vosoritide for treating achondroplasia, a disease for which no drug is approved yet.
In July 2020, BioMarin filed a Marketing Authorization Application (MAA) for vosoritide to the European Medicines Agency (EMA) for treating children with achondroplasia. The EU review process is expected to commence in August.
BioMarin expects to file a similar regulatory application in the United States during the third quarter of 2020.
Although BioMarin’s candidate will take some time to be launched upon a potential approval, it is most likely to bring competition for Ascendis in the long run.
Zacks Rank & Stocks to Consider
Ascendis currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the healthcare sector include Emergent BioSolutions Inc. EBS and Horizon Therapeutics Public Limited Company HZNP, both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Emergent’s earnings estimates have moved 62.3% and 78.8% north for 2020 and 2021, respectively, over the past 60 days. The stock has skyrocketed 140.1% year to date.
Horizon’s earnings estimates have been revised 63.8% and 59.5% upward for 2020 and 2021 each over the past 60 days. The stock has rallied 100.7% year to date.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
BioMarin Pharmaceutical Inc. (BMRN) : Free Stock Analysis Report
Emergent Biosolutions Inc. (EBS) : Free Stock Analysis Report
Horizon Therapeutics Public Limited Company (HZNP) : Free Stock Analysis Report
Ascendis Pharma AS (ASND) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research