After Ascendis (ASND) reported Phase 2 TransCon CNP data that was “positive, but below Voxzogo,” Morgan Stanley analyst Matthew Harrison said TransCon CNP achieving lower AHV compared to Voxzogo is likely to limit investor concerns around competition for BioMarin’s (BMRN) treatment. Harrison expects Ascendis to develop the product with its recently announced Phase 2b program, but believe if successful Ascendis is about five years from market and expects BioMarin shares to be higher following the news. Harrison has an Overweight rating and $113 price target on BioMarin shares, which are up $3.83, or 5%, to $85.99 in Monday pre-market trading.