Fred Alger Management LLC Reduces Stock Holdings in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)

Fred Alger Management LLC lowered its stake in shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) by 5.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 548,905 shares of the biopharmaceutical company’s stock after selling 32,646 shares during the quarter. Fred Alger Management LLC owned 0.60% of Ultragenyx Pharmaceutical worth $22,560,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RARE. Headlands Technologies LLC bought a new position in Ultragenyx Pharmaceutical during the first quarter valued at $28,000. nVerses Capital LLC bought a new position in Ultragenyx Pharmaceutical during the 2nd quarter valued at about $33,000. UMB Bank n.a. raised its position in Ultragenyx Pharmaceutical by 58.1% in the 2nd quarter. UMB Bank n.a. now owns 958 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 352 shares during the period. GAMMA Investing LLC raised its position in Ultragenyx Pharmaceutical by 622.3% in the 1st quarter. GAMMA Investing LLC now owns 1,004 shares of the biopharmaceutical company’s stock worth $47,000 after purchasing an additional 865 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in Ultragenyx Pharmaceutical by 67.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,318 shares of the biopharmaceutical company’s stock worth $155,000 after purchasing an additional 1,339 shares during the last quarter. Hedge funds and other institutional investors own 97.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RARE. Wedbush increased their price target on Ultragenyx Pharmaceutical from $43.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Robert W. Baird upped their price objective on Ultragenyx Pharmaceutical from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Wells Fargo & Company lifted their target price on Ultragenyx Pharmaceutical from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Cantor Fitzgerald reissued an “overweight” rating and set a $116.00 target price on shares of Ultragenyx Pharmaceutical in a research note on Monday, September 16th. Finally, Stifel Nicolaus raised their price target on shares of Ultragenyx Pharmaceutical from $124.00 to $127.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.43.

Insider Activity

In related news, CEO Emil D. Kakkis sold 20,000 shares of Ultragenyx Pharmaceutical stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $55.85, for a total value of $1,117,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,223,985 shares in the company, valued at approximately $124,209,562.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 40,675 shares of company stock worth $2,149,446 over the last 90 days. 5.80% of the stock is currently owned by corporate insiders.

Ultragenyx Pharmaceutical Price Performance

Shares of Ultragenyx Pharmaceutical stock opened at $56.76 on Thursday. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of -7.07 and a beta of 0.56. The firm’s 50-day moving average is $52.79 and its two-hundred day moving average is $46.59. Ultragenyx Pharmaceutical Inc. has a 1 year low of $31.52 and a 1 year high of $60.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($1.52) EPS for the quarter, beating the consensus estimate of ($1.64) by $0.12. The business had revenue of $147.03 million during the quarter, compared to analyst estimates of $123.20 million. Ultragenyx Pharmaceutical had a negative net margin of 121.57% and a negative return on equity of 266.02%. The company’s quarterly revenue was up 35.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($2.25) earnings per share. On average, equities analysts expect that Ultragenyx Pharmaceutical Inc. will post -6.24 earnings per share for the current year.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc, a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare genetic diseases in North America, Latin America, Japan, Europe, and internationally. Its biologic products include Crysvita (burosumab), an antibody targeting fibroblast growth factor 23 for the treatment of X-linked hypophosphatemia, as well as tumor-induced osteomalacia; Mepsevii, an enzyme replacement therapy for the treatment of children and adults with Mucopolysaccharidosis VII; Dojolvi for treating long-chain fatty acid oxidation disorders; and Evkeeza (evinacumab) for the treatment of homozygous familial hypercholesterolemia.