Boil the penne in salted water until just shy of al dente. Reserve ½ cup of the pasta water, drain and set aside.
Season chicken with garlic powder, onion powder, salt and pepper. In a skillet, heat 1 tbsp olive oil and sear the chicken until golden and cooked through. Remove and set aside.
Add butter and remaining olive oil to the same skillet. Sauté garlic for 30 seconds, add mushrooms and cook until golden, about 5 minutes.
Add asparagus and cook for 2–3 minutes until bright green and crisp-tender.
Pour in chicken broth, simmer for 2 minutes. Lower heat and stir in heavy cream. Add Parmesan, stir until melted and sauce thickens. Season with Italian seasoning, red pepper flakes, and more salt and pepper to taste.
Return pasta and chicken to skillet. Toss to combine. Use pasta water to adjust consistency if needed.
Serve hot, garnished with extra Parmesan and black pepper if desired.