One Interesting Nugget from Each Team in the Last Week & Looking Ahead

Our US Biotechnology team provides one interesting nugget from each analyst's coverage universe over the last week, along with upcoming calls and prior conference call replays. Ascendis Pharma (ASND): while the market was disappointed that the metabolic/cardiovascular collaboration with Novo ended in a breakup rather than a marriage (acquisition), we think it is possible the Street will one day look back on this as a positive event for ASND; with rights returned on the potential next wave of endocrine targets, ASND is now "unencumbered" and, if anything, more strategically interesting. We remain constructive on the fundamentals and expect more share repurchase over the years as the company becomes increasingly profitable. Vera (VERA): the final two-year ORIGIN 3 data for Trutkna in IgAN and early launch metrics were a clear win;