Drug Stock Reaches New Highs on Growth-Hormone Win

ASND stock is pacing for its best day ever

Digital Content Manager
Mar 4, 2019 at 9:52 AM
facebook twitter linkedin


The shares of Ascendis Pharma (NASDAQ:ASND) are up 66% at $114.96 this morning, after the company's pediatric growth-hormone drug, TransCon, succeeded in meeting the main goal of a late-stage trial. The win has ASND trading at record highs, and pacing for its best day ever.

Prior to today's rally, the stock was up 10.6% year-to-date, and was struggling to surmount the $75-$77 area -- home to its previous all-time highs. Now, ASND is traveling well above its old highs, peaking at $115.50 in early trading. 

Analysts have shown resounding optimism for Ascendis of late, with all eight giving it a "strong buy" rating. However, there could be some price-target hikes in the cards, as the consensus 12-month target price of $85.78 now represents a steep discount to the stock's current perch. 

Meanwhile, plenty of short sellers could be kicking rocks today. Short interest rose 27.3% in the most recent reporting period. At ASND's average daily trading volume, it would take almost a week for bears to cover these pessimistic positions -- hinting at potential tailwinds in the form of a short squeeze. 

 

Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!