Artisan Small Cap Fund Reduces Stake in Ascendis Pharma Amid Legal Concerns
In its second-quarter investor letter for 2026, Artisan Partners' Artisan Small Cap Fund disclosed a reduction in its position in biopharmaceutical company Ascendis Pharma (NASDAQ:ASND). The fund cited concerns over a lawsuit filed by a competitor targeting one of ASND's treatments. While the firm does not believe the legal action will impact U.S. sales, it noted potential operational distractions and risks to profit cycles. The Artisan Small Cap Fund outperformed its benchmark index in Q2 2026 with returns between 26% across different share classes compared to a 25.71% return for the Russell 2000® Growth Index. The fund remains optimistic about small-cap stocks, AI infrastructure and healthcare but has reduced exposure to software due to rising valuations. Ascendis Pharma reported mixed results in Q2 with revenue below expectations despite strong EPS driven by R&D efficiency improvements. Patient growth for its drug YORVIPATH remained robust, while the launch of a new treatment showed early promise.
Tickers: $ASND
Topics: Artisan Small Cap Fund Ascendis Pharma (ASND) portfolio changes