Ultragenyx Pharmaceutical (NASDAQ:RARE) Trading Down 5.7% After Analyst Downgrade

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) dropped 5.7% on Tuesday after Wedbush lowered their price target on the stock from $35.00 to $34.00. Wedbush currently has a neutral rating on the stock. Ultragenyx Pharmaceutical traded as low as $27.56 and last traded at $27.56. Approximately 1,341,545 shares traded hands during trading, an increase of 44% from the average daily volume of 933,154 shares. The stock had previously closed at $29.23.

RARE has been the topic of a number of other research reports. Guggenheim restated a “buy” rating and issued a $64.00 target price on shares of Ultragenyx Pharmaceutical in a research report on Friday, June 20th. William Blair began coverage on Ultragenyx Pharmaceutical in a research note on Wednesday, May 28th. They issued an “outperform” rating and a $65.00 price target for the company. 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. Morgan Stanley lowered their target price on Ultragenyx Pharmaceutical from $65.00 to $55.00 and set an “overweight” rating for the company in a report on Monday. Finally, Wells Fargo & Company cut their price target on Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.64.

Insider Buying and Selling at Ultragenyx Pharmaceutical

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of Ultragenyx Pharmaceutical by 2.0% during the second quarter. Public Employees Retirement System of Ohio now owns 27,885 shares of the biopharmaceutical company’s stock worth $1,014,000 after buying an additional 543 shares during the period. Assenagon Asset Management S.A. boosted its position in Ultragenyx Pharmaceutical by 439.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,163,755 shares of the biopharmaceutical company’s stock valued at $42,314,000 after acquiring an additional 947,865 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Ultragenyx Pharmaceutical during the 2nd quarter worth about $353,000. Parallel Advisors LLC raised its position in shares of Ultragenyx Pharmaceutical by 1,061.9% in the 2nd quarter. Parallel Advisors LLC now owns 732 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 669 shares in the last quarter. Finally, Bayforest Capital Ltd raised its position in shares of Ultragenyx Pharmaceutical by 192.3% in the 1st quarter. Bayforest Capital Ltd now owns 9,190 shares of the biopharmaceutical company’s stock worth $333,000 after acquiring an additional 6,046 shares in the last quarter. Institutional investors and hedge funds own 97.67% of the company’s stock.

Ultragenyx Pharmaceutical Stock Performance

The business has a 50 day moving average price of $36.12 and a 200-day moving average price of $38.53. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of -4.63 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). The business had revenue of $139.29 million during the quarter, compared to analyst estimates of $145.98 million. Ultragenyx Pharmaceutical had a negative net margin of 93.04% and a negative return on equity of 186.49%. Ultragenyx Pharmaceutical’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same period last year, the firm posted ($2.03) earnings per share. As a group, equities analysts predict that Ultragenyx Pharmaceutical Inc. will post -5.18 EPS for the current fiscal year.

Ultragenyx Pharmaceutical Company Profile

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.