Ascendis Pharma Stock Falls 13% Over Share Repurchase Program Authorization

(RTTNews) - Ascendis Pharma A/S (ASND) is down 13.07 percent, losing $34.64 to $230.28 on Tuesday. The move comes after the biopharmaceutical company announced that its Board of Directors authorized a share repurchase program of upto $400 million of its ordinary shares.

Ascendis Pharma is currently trading at $230.28, down from the previous close of $264.92 after opening at $256.25 on the Nasdaq. The stock has traded between $230.18 and $257.53 during the session, with trading volume at 939,438 shares versus average volume of 656,898.

Repurchases may be conducted through open-market purchases, privately negotiated transactions, block trades, accelerated share repurchases or 10b5-1 trading plans, depending on market conditions and other factors. The program does not require the company to repurchase a specific number of shares and may be modified, suspended or terminated. Ascendis Pharma shares have traded between $186.05 and $282.15 over the past 52 weeks.