Ultragenyx Pharmaceutical (NASDAQ:RARE) Given New $67.00 Price Target at Morgan Stanley

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its price target lifted by Morgan Stanley from $50.00 to $67.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

RARE has been the topic of several other research reports. The Goldman Sachs Group lowered Ultragenyx Pharmaceutical from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $61.00 to $25.00 in a report on Tuesday, March 24th. Bank of America decreased their price objective on Ultragenyx Pharmaceutical from $72.00 to $58.00 and set a “buy” rating on the stock in a report on Friday, January 2nd. Leerink Partners decreased their price objective on Ultragenyx Pharmaceutical from $80.00 to $70.00 and set an “outperform” rating on the stock in a report on Tuesday, December 30th. Canaccord Genuity Group decreased their price objective on Ultragenyx Pharmaceutical from $128.00 to $79.00 and set a “buy” rating on the stock in a report on Wednesday, February 18th. Finally, JPMorgan Chase & Co. decreased their price objective on Ultragenyx Pharmaceutical from $120.00 to $74.00 and set an “overweight” rating on the stock in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.18.

Ultragenyx Pharmaceutical Stock Down 2.6%

Shares of NASDAQ RARE opened at $24.52 on Thursday. The business’s 50 day moving average is $22.09 and its two-hundred day moving average is $27.46. The company has a market cap of $2.41 billion, a P/E ratio of -4.20 and a beta of 0.25. Ultragenyx Pharmaceutical has a 12 month low of $18.29 and a 12 month high of $42.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last announced its quarterly earnings data on Thursday, February 12th. The biopharmaceutical company reported ($1.29) earnings per share for the quarter, missing the consensus estimate of ($1.20) by ($0.09). Ultragenyx Pharmaceutical had a negative return on equity of 1,024.42% and a negative net margin of 85.54%.The firm had revenue of $207.28 million for the quarter, compared to analyst estimates of $199.60 million. During the same period in the previous year, the business posted ($1.39) EPS. Ultragenyx Pharmaceutical’s revenue for the quarter was up 25.5% compared to the same quarter last year. Sell-side analysts expect that Ultragenyx Pharmaceutical will post -5.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ultragenyx Pharmaceutical news, CAO Theodore Alan Huizenga sold 1,632 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $22.80, for a total value of $37,209.60. Following the transaction, the chief accounting officer owned 48,670 shares of the company’s stock, valued at approximately $1,109,676. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Emil D. Kakkis sold 54,404 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $22.80, for a total value of $1,240,411.20. Following the completion of the transaction, the chief executive officer directly owned 658,994 shares in the company, valued at approximately $15,025,063.20. This represents a 7.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 109,556 shares of company stock worth $2,490,138 over the last quarter. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Ultragenyx Pharmaceutical

A number of institutional investors and hedge funds have recently bought and sold shares of RARE. Jacobs Levy Equity Management Inc. boosted its stake in Ultragenyx Pharmaceutical by 614.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,167,729 shares of the biopharmaceutical company’s stock worth $65,205,000 after purchasing an additional 1,864,164 shares in the last quarter. Norges Bank acquired a new position in shares of Ultragenyx Pharmaceutical during the fourth quarter valued at $29,004,000. Millennium Management LLC lifted its stake in shares of Ultragenyx Pharmaceutical by 787.6% during the fourth quarter. Millennium Management LLC now owns 880,644 shares of the biopharmaceutical company’s stock valued at $20,255,000 after acquiring an additional 781,431 shares during the period. Vestal Point Capital LP acquired a new position in shares of Ultragenyx Pharmaceutical during the third quarter valued at $22,560,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Ultragenyx Pharmaceutical by 599.2% during the third quarter. Russell Investments Group Ltd. now owns 840,451 shares of the biopharmaceutical company’s stock valued at $25,281,000 after acquiring an additional 720,256 shares during the period. Institutional investors and hedge funds own 97.67% of the company’s stock.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare and ultra-rare genetic disorders. Since its founding in 2010 and headquarters in Novato, California, the company has built expertise in protein replacement therapies, small molecules and gene therapy approaches to address high-unmet medical needs. Ultragenyx applies a precision medicine model, leveraging both in-house research and strategic collaborations to advance its product pipeline from discovery through regulatory approval.

The company’s commercial portfolio includes Crysvita (burosumab-tmyl) for X-linked hypophosphatemia, Mepsevii (vestronidase alfa-vjbk) for mucopolysaccharidosis VII and Dojolvi (triheptanoin) for long-chain fatty acid oxidation disorders.