Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target Cut to $55.00 by Analysts at Morgan Stanley

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its target price decreased by Morgan Stanley from $65.00 to $55.00 in a research report released on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other brokerages have also weighed in on RARE. William Blair started coverage on Ultragenyx Pharmaceutical in a research report on Wednesday, May 28th. They set an “outperform” rating and a $65.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the stock an “overweight” rating in a research report on Thursday, March 27th. Guggenheim restated a “buy” rating and set a $64.00 price objective on shares of Ultragenyx Pharmaceutical in a research report on Friday, June 20th. Piper Sandler reduced their price objective on Ultragenyx Pharmaceutical from $140.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Finally, Wells Fargo & Company reduced their price objective on Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, July 10th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ultragenyx Pharmaceutical has a consensus rating of “Moderate Buy” and a consensus price target of $83.64.

Ultragenyx Pharmaceutical Price Performance

Ultragenyx Pharmaceutical stock opened at $29.23 on Monday. The stock’s fifty day moving average price is $36.47 and its two-hundred day moving average price is $38.71. Ultragenyx Pharmaceutical has a one year low of $28.35 and a one year high of $60.37. The firm has a market cap of $2.76 billion, a PE ratio of -4.97 and a beta of 0.26.

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

Insider Activity

In other news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the business’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $37.39, for a total value of $89,922.95. Following the transaction, the director directly owned 15,344 shares of the company’s stock, valued at $573,712.16. The trade was a 13.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 3,167 shares of company stock valued at $118,824. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. increased its position in Ultragenyx Pharmaceutical by 81.6% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 2,149,000 shares of the biopharmaceutical company’s stock valued at $77,815,000 after buying an additional 965,919 shares in the last quarter. Norges Bank bought a new stake in Ultragenyx Pharmaceutical in the 4th quarter valued at about $40,463,000. Assenagon Asset Management S.A. increased its position in Ultragenyx Pharmaceutical by 439.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,163,755 shares of the biopharmaceutical company’s stock valued at $42,314,000 after buying an additional 947,865 shares in the last quarter. Vestal Point Capital LP increased its position in Ultragenyx Pharmaceutical by 100.0% in the 4th quarter. Vestal Point Capital LP now owns 1,500,000 shares of the biopharmaceutical company’s stock valued at $63,105,000 after buying an additional 750,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Ultragenyx Pharmaceutical by 28.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,218,942 shares of the biopharmaceutical company’s stock valued at $116,559,000 after buying an additional 706,519 shares in the last quarter. 97.67% of the stock is owned by institutional investors and hedge funds.

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.