Ultragenyx Pharmaceutical (NASDAQ:RARE) Stock Gets Price Target Cut from Wedbush

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its price target decreased by Wedbush from $25.00 to $22.00 in a report published on Wednesday,Benzinga reports. Wedbush currently has a neutral rating on the biopharmaceutical company’s stock.

RARE has been the subject of several other research reports. HC Wainwright decreased their price target on Ultragenyx Pharmaceutical from $50.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, September 3rd. Wall Street Zen raised Ultragenyx Pharmaceutical from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Wells Fargo & Company cut shares of Ultragenyx Pharmaceutical from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $50.00 to $18.00 in a research note on Thursday, September 3rd. Jefferies Financial Group cut their price objective on shares of Ultragenyx Pharmaceutical from $77.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, September 3rd. Finally, Canaccord Genuity Group upped their price objective on shares of Ultragenyx Pharmaceutical from $37.00 to $39.00 and gave the stock a “buy” rating in a report on Friday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ultragenyx Pharmaceutical currently has a consensus rating of “Hold” and an average target price of $29.79.

Ultragenyx Pharmaceutical Price Performance

Shares of NASDAQ RARE traded down $0.14 during midday trading on Wednesday, hitting $15.43. 4,049,110 shares of the company’s stock were exchanged, compared to its average volume of 3,379,657. The stock’s 50 day moving average price is $16.02 and its 200-day moving average price is $22.71. The firm has a market cap of $1.52 billion, a P/E ratio of -2.97 and a beta of 0.37. Ultragenyx Pharmaceutical has a twelve month low of $12.73 and a twelve month high of $39.89.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last issued its quarterly earnings data on Tuesday, November 3rd. The biopharmaceutical company reported ($1.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.06). The company had revenue of $173.00 million during the quarter, compared to analyst estimates of $182.49 million. During the same period last year, the business earned ($1.81) earnings per share. Ultragenyx Pharmaceutical’s quarterly revenue was up 8.2% on a year-over-year basis. On average, analysts expect that Ultragenyx Pharmaceutical will post -3.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ultragenyx Pharmaceutical news, CFO Howard Horn sold 7,066 shares of the stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $15.27, for a total transaction of $107,897.82. Following the completion of the transaction, the chief financial officer directly owned 89,229 shares of the company’s stock, valued at approximately $1,362,526.83. This trade represents a 7.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 8,510 shares of company stock valued at $127,561 in the last three months. Corporate insiders own 5.20% of the company’s stock.

Institutional Trading of Ultragenyx Pharmaceutical

Hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP lifted its holdings in shares of Ultragenyx Pharmaceutical by 18.9% in the third quarter. Allworth Financial LP now owns 5,588 shares of the biopharmaceutical company’s stock valued at $84,000 after buying an additional 889 shares during the period. Russell Investments Group Ltd. grew its holdings in Ultragenyx Pharmaceutical by 20.4% during the third quarter. Russell Investments Group Ltd. now owns 944,240 shares of the biopharmaceutical company’s stock worth $14,256,000 after acquiring an additional 160,141 shares during the period. Jefferies Financial Group Inc. grew its holdings in Ultragenyx Pharmaceutical by 44.1% during the third quarter. Jefferies Financial Group Inc. now owns 1,339,814 shares of the biopharmaceutical company’s stock worth $20,137,000 after acquiring an additional 410,188 shares during the period. Fulcrum Asset Management LLP grew its holdings in Ultragenyx Pharmaceutical by 4,543.8% during the third quarter. Fulcrum Asset Management LLP now owns 5,201 shares of the biopharmaceutical company’s stock worth $80,000 after acquiring an additional 5,089 shares during the period. Finally, Commonwealth Equity Services LLC bought a new stake in Ultragenyx Pharmaceutical in the third quarter worth about $661,000. Institutional investors own 97.67% of the company’s stock.

Key Stories Impacting Ultragenyx Pharmaceutical

Here are the key news stories impacting Ultragenyx Pharmaceutical this week:

• Positive Sentiment: The UK medicines regulator has accepted Ultragenyx’s marketing application for rebi-vec (UX111), its gene therapy for Sanfilippo syndrome Type A, and is reviewing it. This is a step toward a possible UK authorization, but the therapy remains investigational and has not been approved. Company announcement
• Positive Sentiment: H.C. Wainwright and TD Cowen both reiterated Buy ratings, signaling that these analysts see potential despite recent price-target reductions. H.C. Wainwright rating TD Cowen rating
• Negative Sentiment: Several firms have lowered their price targets, reflecting more restrained expectations. Canaccord cut its target from $39 to $34, Citi reduced its target from $32 to $22, and Barclays lowered its target from $35 to $32; all retained Buy or Overweight ratings. The revisions may weigh on sentiment even as analysts remain positive on the shares. Canaccord target revision Citi target revision

Ultragenyx Pharmaceutical Company Profile

Ultragenyx Pharmaceutical Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare and ultra-rare diseases. The company concentrates on conditions with significant unmet medical needs, including genetic, metabolic and endocrine disorders, and uses biologics, small molecules and gene therapy approaches in its research and development programs.

Ultragenyx’s commercial portfolio includes Crysvita (burosumab), a treatment for X-linked hypophosphatemia and related disorders; Mepsevii (vestronidase alfa), an enzyme replacement therapy for mucopolysaccharidosis VII; and Dojolvi (triheptanoin), a therapy for long-chain fatty acid oxidation disorders.