Shares of Ascendis Pharma A/S (ASND) surged more than 11% in pre-market trading on Thursday, propelled by a set of positive catalysts. The biopharmaceutical company reported better-than-expected fourth-quarter earnings and announced a share repurchase program, fueling investor enthusiasm for the stock.

Ascendis Pharma reported a Q4 2024 adjusted loss of €0.64 per share, lower than analysts' estimates of a €0.96 loss. The company's revenue for the quarter rose 26.3% year-over-year to €173.92 million, surpassing Wall Street's expectations of €119.71 million. The strong financial performance in Q4 capped off a solid fiscal 2024 for Ascendis Pharma, marked by significant growth in revenue and improving profitability.

Additionally, the company announced that its board has approved a $25 million share repurchase program, further boosting investor confidence. The buyback plan includes the repurchase of up to $18.3 million worth of American depositary shares and a $9 million net settlement of certain restricted stock units. The share repurchase announcement, combined with the upbeat earnings report and a reiterated Buy rating from J.P. Morgan with a price target of $168, fueled the stock's pre-market rally.