Ultragenyx Pharmaceutical (NASDAQ:RARE) Shares Gap Down Following Analyst Downgrade

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) gapped down before the market opened on Thursday after Wells Fargo & Company lowered their price target on the stock from $88.00 to $65.00. The stock had previously closed at $41.44, but opened at $33.20. Wells Fargo & Company currently has an overweight rating on the stock. Ultragenyx Pharmaceutical shares last traded at $30.01, with a volume of 4,991,759 shares trading hands.

Several other research firms have also issued reports on RARE. Morgan Stanley upped their price objective on Ultragenyx Pharmaceutical from $64.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. JPMorgan Chase & Co. upped their price objective on Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, March 27th. William Blair initiated coverage on Ultragenyx Pharmaceutical in a research note on Wednesday, May 28th. They issued an “outperform” rating and a $65.00 price objective on the stock. Piper Sandler dropped their price objective on Ultragenyx Pharmaceutical from $140.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. Finally, Guggenheim restated a “buy” rating and issued a $64.00 price objective on shares of Ultragenyx Pharmaceutical in a research note on Friday, June 20th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $85.36.

Insider Transactions at Ultragenyx Pharmaceutical

In related news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $37.39, for a total transaction of $89,922.95. Following the sale, the director owned 15,344 shares of the company’s stock, valued at $573,712.16. This represents a 13.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 3,167 shares of company stock worth $118,824 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

A number of large investors have recently added to or reduced their stakes in RARE. Smartleaf Asset Management LLC grew its position in Ultragenyx Pharmaceutical by 259.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 683 shares of the biopharmaceutical company’s stock worth $29,000 after buying an additional 493 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Ultragenyx Pharmaceutical by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 613,633 shares of the biopharmaceutical company’s stock valued at $25,816,000 after purchasing an additional 19,112 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Ultragenyx Pharmaceutical by 2.4% in the 4th quarter. Arizona State Retirement System now owns 24,038 shares of the biopharmaceutical company’s stock valued at $1,011,000 after purchasing an additional 568 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Ultragenyx Pharmaceutical during the 4th quarter worth $916,000. Finally, AlphaQuest LLC lifted its position in shares of Ultragenyx Pharmaceutical by 280.7% during the 4th quarter. AlphaQuest LLC now owns 8,167 shares of the biopharmaceutical company’s stock worth $344,000 after buying an additional 6,022 shares during the last quarter. Institutional investors and hedge funds own 97.67% of the company’s stock.

Ultragenyx Pharmaceutical Trading Down 25.1%

The firm has a market capitalization of $2.93 billion, a P/E ratio of -5.28 and a beta of 0.26. The firm has a 50-day moving average of $36.67 and a two-hundred day moving average of $38.88.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last announced its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.57) earnings per share for the quarter, missing the consensus estimate of ($1.54) by ($0.03). Ultragenyx Pharmaceutical had a negative return on equity of 186.49% and a negative net margin of 93.04%. The business had revenue of $139.29 million for the quarter, compared to the consensus estimate of $145.98 million. During the same quarter in the prior year, the company earned ($2.03) earnings per share. Ultragenyx Pharmaceutical’s quarterly revenue was up 28.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Ultragenyx Pharmaceutical Inc. will post -5.18 EPS for the current fiscal 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.