Ultragenyx Pharmaceutical (NASDAQ:RARE) Stock Gets Price Target Cut from Canaccord Genuity Group

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its target price lowered by Canaccord Genuity Group from $39.00 to $34.00 in a report released on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biopharmaceutical company’s stock.

A number of other research analysts also recently issued reports on the company. Wedbush reduced their price objective on Ultragenyx Pharmaceutical from $25.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday. Bank of America cut Ultragenyx Pharmaceutical from a “buy” rating to a “neutral” rating in a research note on Thursday, September 3rd. HC Wainwright cut their price target on shares of Ultragenyx Pharmaceutical from $50.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, September 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Ultragenyx Pharmaceutical in a research report on Tuesday, October 6th. Finally, William Blair upgraded shares of Ultragenyx Pharmaceutical to a “hold” rating in a report on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $29.79.

Ultragenyx Pharmaceutical Price Performance

Shares of NASDAQ RARE traded down $0.14 during midday trading on Wednesday, reaching $15.43. The company’s stock had a trading volume of 4,049,110 shares, compared to its average volume of 3,379,657. Ultragenyx Pharmaceutical has a 12-month low of $12.73 and a 12-month high of $39.89. The firm has a 50 day moving average price of $16.02 and a 200-day moving average price of $22.71. The stock has a market capitalization of $1.52 billion, a P/E ratio of -2.97 and a beta of 0.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last issued its quarterly earnings results on Tuesday, November 3rd. The biopharmaceutical company reported ($1.16) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.06). The company had revenue of $173.00 million during the quarter, compared to the consensus estimate of $182.49 million. The company’s revenue was up 8.2% compared to the same quarter last year. During the same period last year, the firm earned ($1.81) earnings per share. On average, equities analysts predict that Ultragenyx Pharmaceutical will post -3.45 EPS for the current year.

Insiders Place Their Bets

In other Ultragenyx Pharmaceutical news, CFO Howard Horn sold 7,066 shares of the firm’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $15.27, for a total value of $107,897.82. Following the completion of the sale, the chief financial officer directly owned 89,229 shares of the company’s stock, valued at $1,362,526.83. This trade represents a 7.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 8,510 shares of company stock worth $127,561 over the last three months. 5.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its stake in Ultragenyx Pharmaceutical by 295.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 477,869 shares of the biopharmaceutical company’s stock valued at $7,182,000 after acquiring an additional 357,005 shares during the period. BlackRock Inc. purchased a new stake in Ultragenyx Pharmaceutical during the second quarter valued at about $355,746,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Ultragenyx Pharmaceutical during the second quarter worth about $6,397,000. Deutsche Bank AG bought a new position in Ultragenyx Pharmaceutical during the second quarter worth about $5,503,000. Finally, Corient Private Wealth LP purchased a new position in shares of Ultragenyx Pharmaceutical in the second quarter worth about $4,644,000. Hedge funds and other institutional investors own 97.67% of the company’s stock.

Key Headlines Impacting Ultragenyx Pharmaceutical

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

• Positive Sentiment: The UK medicines regulator has accepted Ultragenyx’s marketing application for rebi-vec (UX111), its gene therapy for Sanfilippo syndrome Type A, and is reviewing it. This is a step toward a possible UK authorization, but the therapy remains investigational and has not been approved. Company announcement
• Positive Sentiment: H.C. Wainwright and TD Cowen both reiterated Buy ratings, signaling that these analysts see potential despite recent price-target reductions. H.C. Wainwright rating TD Cowen rating
• Negative Sentiment: Several firms have lowered their price targets, reflecting more restrained expectations. Canaccord cut its target from $39 to $34, Citi reduced its target from $32 to $22, and Barclays lowered its target from $35 to $32; all retained Buy or Overweight ratings. The revisions may weigh on sentiment even as analysts remain positive on the shares. Canaccord target revision Citi target revision

Ultragenyx Pharmaceutical Company Profile

Ultragenyx Pharmaceutical Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare and ultra-rare diseases. The company concentrates on conditions with significant unmet medical needs, including genetic, metabolic and endocrine disorders, and uses biologics, small molecules and gene therapy approaches in its research and development programs.

Ultragenyx’s commercial portfolio includes Crysvita (burosumab), a treatment for X-linked hypophosphatemia and related disorders; Mepsevii (vestronidase alfa), an enzyme replacement therapy for mucopolysaccharidosis VII; and Dojolvi (triheptanoin), a therapy for long-chain fatty acid oxidation disorders.