Morgan Stanley Lowers Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target to $55.00

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its target price decreased by equities research analysts at Morgan Stanley from $65.00 to $55.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 86.38% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the stock an “overweight” rating in a research report on Thursday, March 27th. Wells Fargo & Company lowered their price target on shares of Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday. Guggenheim restated a “buy” rating and set a $64.00 price target on shares of Ultragenyx Pharmaceutical in a research report on Friday, June 20th. Piper Sandler lowered their price target on shares of 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, William Blair began coverage on shares of Ultragenyx Pharmaceutical in a research report on Wednesday, May 28th. They set an “outperform” rating and a $65.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $84.64.

Ultragenyx Pharmaceutical Stock Performance

RARE opened at $29.51 on Monday. Ultragenyx Pharmaceutical has a fifty-two week low of $27.26 and a fifty-two week high of $60.37. The company has a fifty day moving average of $36.47 and a two-hundred day moving average of $38.71. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of -5.02 and a beta of 0.26.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last announced its 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 company had revenue of $139.29 million during the quarter, compared to analyst estimates of $145.98 million. During the same quarter last year, the business earned ($2.03) EPS. The firm’s revenue for the quarter was up 28.0% compared to the same quarter last year. On average, equities research analysts forecast that Ultragenyx Pharmaceutical will post -5.18 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

Several hedge funds have recently modified their holdings of RARE. GAMMA Investing LLC raised its holdings in Ultragenyx Pharmaceutical by 76.2% in the first quarter. GAMMA Investing LLC now owns 747 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 323 shares during the period. Parallel Advisors LLC raised its holdings in Ultragenyx Pharmaceutical by 1,061.9% in the second quarter. Parallel Advisors LLC now owns 732 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 669 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Ultragenyx Pharmaceutical in the fourth quarter valued at approximately $35,000. ANTIPODES PARTNERS Ltd purchased a new position in Ultragenyx Pharmaceutical in the first quarter valued at approximately $57,000. Finally, Headlands Technologies LLC purchased a new position in Ultragenyx Pharmaceutical in the first quarter valued at approximately $59,000. 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.