Why Shares of Ascendis Soared This Week
Shares of Ascendis Pharma (NASDAQ: ASND) climbed more than 25% this week, almost all of that on Thursday. The stock opened at $120.71 on Monday and it wasn't until Wednesday that it began to climb, rising to $123.67 at the close and shortly before it announced news from the Food and Drug Administration (FDA). On Thursday, Ascendis opened at $150.57 and rose as high as $158.78 during the day before closing at $149.70, still a jump of more than $26 from the day before.
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The company chose the same day of its second-quarter earnings report to announce that the FDA had given approval to Skytrofa, a once-weekly injection of the growth hormone somatropin, to treat children with growth hormone deficiency (GHD). The earnings weren't anything to write home about as the company reported revenue of $1.18 million, down from $1.65 million, year over year. The company lost $158 million, compared to $111.6 million in the same period in 2020.
Source Fool.com
