Shares of Ascendis Pharma A/S (ASND) surged by more than 10% in pre-market trading on Monday, reaching $139.96, following the FDA's approval of its drug Yorvipath for treating hypoparathyroidism in adults.
Hypoparathyroidism is a rare endocrine disorder caused by insufficient levels of parathyroid hormone, affecting multiple organs. Approximately 70,000 to 90,000 individuals in the United States are impacted by this condition.
Ascendis plans to release the drug in the first quarter of 2025. Additionally, the company intends to seek FDA approval to commercialize the already manufactured product. If approved, it could be available in the U.S. by the fourth quarter of 2024.
On Friday, Ascendis shares closed at $126.97, an increase of 0.79%. Over the past year, the stock has fluctuated between $85.29 and $161.00.
