Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target Raised to $83.00 at Canaccord Genuity Group

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $81.00 to $83.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 228.58% from the company’s current price.

Several other equities analysts have also commented on the stock. Barclays decreased their price objective on shares of Ultragenyx Pharmaceutical from $44.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings upgraded shares of Ultragenyx Pharmaceutical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 9th. Cantor Fitzgerald boosted their target price on Ultragenyx Pharmaceutical from $96.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday. Wedbush decreased their price target on Ultragenyx Pharmaceutical from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company raised their price target on Ultragenyx Pharmaceutical from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.50.

Ultragenyx Pharmaceutical Trading Down 3.7%

RARE traded down $0.98 on Thursday, hitting $25.26. The company had a trading volume of 2,827,007 shares, compared to its average volume of 2,219,305. The company’s fifty day moving average price is $28.52 and its 200 day moving average price is $24.96. Ultragenyx Pharmaceutical has a 1 year low of $18.29 and a 1 year high of $39.89. The firm has a market cap of $2.49 billion, a P/E ratio of -4.33 and a beta of 0.35.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last announced its earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping the consensus estimate of ($1.22) by $0.32. Ultragenyx Pharmaceutical had a negative net margin of 81.79% and a negative return on equity of 1,024.42%. The company had revenue of $214.00 million during the quarter, compared to analyst estimates of $183.08 million. During the same quarter last year, the firm posted ($1.17) earnings per share. Ultragenyx Pharmaceutical’s revenue was up 28.5% compared to the same quarter last year. On average, analysts predict that Ultragenyx Pharmaceutical will post -4.12 earnings per share for the current year.

Insider Activity

In other news, EVP Karah Herdman Parschauer sold 1,899 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $24.62, for a total value of $46,753.38. Following the sale, the executive vice president directly owned 94,462 shares in the company, valued at approximately $2,325,654.44. This trade represents a 1.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Howard Horn sold 4,653 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $23.77, for a total value of $110,601.81. Following the completion of the sale, the chief financial officer owned 105,689 shares in the company, valued at approximately $2,512,227.53. This represents a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 8,552 shares of company stock worth $207,455. 5.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Ultragenyx Pharmaceutical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc lifted its stake in Ultragenyx Pharmaceutical by 662.9% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 1,001 shares during the last quarter. Danske Bank A S purchased a new position in shares of Ultragenyx Pharmaceutical during the third quarter worth about $39,000. Quantbot Technologies LP acquired a new position in Ultragenyx Pharmaceutical in the 2nd quarter valued at about $48,000. Harbor Investment Advisory LLC acquired a new position in Ultragenyx Pharmaceutical in the 2nd quarter valued at about $52,000. Finally, Parallel Advisors LLC raised its stake in Ultragenyx Pharmaceutical by 778.4% during the 1st quarter. Parallel Advisors LLC now owns 1,625 shares of the biopharmaceutical company’s stock valued at $34,000 after acquiring an additional 1,440 shares during the last quarter. 97.67% of the stock is owned by hedge funds and other institutional investors.

Ultragenyx Pharmaceutical News Summary

Here are the key news stories impacting Ultragenyx Pharmaceutical this week:

• Positive Sentiment: FDA approval expands Ultragenyx’s commercial portfolio. GENGLYCOS is the first FDA-approved treatment designed to address the underlying cause of GSDIa, rather than only managing symptoms. The approval gives patients a new treatment option and could create a significant long-term revenue opportunity for Ultragenyx. Reuters article
• Positive Sentiment: GENGLYCOS is the company’s fifth FDA-approved product. Management said the therapy may reduce the substantial burden of care associated with GSDIa. Ultragenyx also received a Priority Review Voucher, an asset that can potentially be used for a future product or sold to another pharmaceutical company. Ultragenyx announcement
• Positive Sentiment: Analysts raised their expectations following the approval. Wells Fargo lifted its price target to $46 from $45 and maintained an Overweight rating, while Cantor Fitzgerald raised its target to $103 from $96 and also maintained an Overweight rating. The revisions reflect expectations for a potentially durable revenue stream from GENGLYCOS and improved confidence in Ultragenyx’s rare-disease pipeline. Yahoo Finance article
• Neutral Sentiment: The accelerated approval is a strong initial validation, but the company will need to execute the commercial launch and satisfy any post-approval confirmatory requirements. Investors may therefore focus next on pricing, patient uptake, reimbursement and manufacturing capacity.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare and ultra-rare genetic disorders. Since its founding in 2010 and headquarters in Novato, California, the company has built expertise in protein replacement therapies, small molecules and gene therapy approaches to address high-unmet medical needs. Ultragenyx applies a precision medicine model, leveraging both in-house research and strategic collaborations to advance its product pipeline from discovery through regulatory approval.

The company’s commercial portfolio includes Crysvita (burosumab-tmyl) for X-linked hypophosphatemia, Mepsevii (vestronidase alfa-vjbk) for mucopolysaccharidosis VII and Dojolvi (triheptanoin) for long-chain fatty acid oxidation disorders.