Here’s Why Ascendis Pharma A/S (ASND) Became a Detractor in Artisan Partners’ Portfolio

Artisan Partners, an investment management company, released its “Artisan Global Discovery Fund” second quarter investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class: APFDX returned -20.46%, Advisor Class: APDDX posted a return of -20.42%, and Institutional Class: APHDX returned -20.40%, compared to the benchmark return of -15.66% for the MSCI All Country World Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners discussed stocks like Ascendis Pharma A/S (NASDAQ:ASND) in the second quarter investor letter. Headquartered in Hellerup, Denmark, Ascendis Pharma A/S (NASDAQ:ASND) is a biopharmaceutical company. On September 23, 2022, Ascendis Pharma A/S (NASDAQ:ASND) stock closed at $100.65 per share. One-month return of Ascendis Pharma A/S (NASDAQ:ASND) was 11.45% and its shares lost 38.63% of their value over the last 52 weeks. Ascendis Pharma A/S (NASDAQ:ASND) has a market capitalization of $5.617 billion.

Here is what Artisan Partners specifically said about Ascendis Pharma A/S (NASDAQ:ASND)  in its Q2 2022 investor letter:

“Sales for Ascendis Pharma A/S (NASDAQ:ASND)’s recently approved pediatric growth hormone drug, Skytrofa, came in below expectations despite solid prescription volume. Patients are either on the free version of the drug, or they are finishing their current supply before starting treatment. Longer term, we are optimistic the company will convert free Skytrofa patients to the commercial reimbursed product. Furthermore, we anticipate TransCon PTH, used to treat hyperparathyroidism, will be approved and rolled out in 2023, providing another tailwind to the company’s profit cycle.”

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Ascendis Pharma A/S (NASDAQ:ASND) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Ascendis Pharma A/S (NASDAQ:ASND)  at the end of the second quarter which was 28 in the previous quarter.

We discussed Ascendis Pharma A/S (NASDAQ:ASND) in another article and shared Artisan Partners’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.