Citigroup Raises Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target to $58.00

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its target price boosted by equities researchers at Citigroup from $45.00 to $58.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective suggests a potential upside of 128.98% from the stock’s current price.

A number of other equities analysts have also issued reports on the company. Wedbush cut their target price on Ultragenyx Pharmaceutical from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of Ultragenyx Pharmaceutical from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Royal Bank Of Canada upped their price target on shares of Ultragenyx Pharmaceutical from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Cantor Fitzgerald raised their price objective on shares of Ultragenyx Pharmaceutical from $96.00 to $103.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Barclays dropped their target price on shares of Ultragenyx Pharmaceutical from $44.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $58.28.

Ultragenyx Pharmaceutical Trading Down 3.5%

Shares of NASDAQ:RARE traded down $0.91 during midday trading on Thursday, hitting $25.33. 2,574,106 shares of the stock were exchanged, compared to its average volume of 2,217,950. The stock has a market cap of $2.50 billion, a P/E ratio of -4.34 and a beta of 0.35. Ultragenyx Pharmaceutical has a twelve month low of $18.29 and a twelve month high of $39.89. The company has a 50 day moving average price of $28.52 and a 200-day moving average price of $24.96.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last released its earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping the consensus estimate of ($1.22) by $0.32. Ultragenyx Pharmaceutical had a negative return on equity of 1,024.42% and a negative net margin of 81.79%.The firm had revenue of $214.00 million for the quarter, compared to the consensus estimate of $183.08 million. During the same period in the prior year, the business posted ($1.17) earnings per share. The firm’s revenue for the quarter was up 28.5% compared to the same quarter last year. On average, equities research analysts expect that Ultragenyx Pharmaceutical will post -4.12 earnings per share for the current year.

Insiders Place Their Bets

In other Ultragenyx Pharmaceutical news, CFO Howard Horn sold 4,653 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $23.77, for a total value of $110,601.81. Following the transaction, the chief financial officer owned 105,689 shares of the company’s stock, valued at $2,512,227.53. This trade represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Karah Herdman Parschauer sold 1,899 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $24.62, for a total value of $46,753.38. Following the transaction, the executive vice president directly owned 94,462 shares of the company’s stock, valued at $2,325,654.44. This trade represents a 1.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 8,552 shares of company stock valued at $207,455. Company insiders own 5.20% of the company’s stock.

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Ultragenyx Pharmaceutical in the 2nd quarter worth about $355,746,000. Assenagon Asset Management S.A. increased its stake in shares of Ultragenyx Pharmaceutical by 1,030.4% in the first quarter. Assenagon Asset Management S.A. now owns 2,257,671 shares of the biopharmaceutical company’s stock valued at $47,298,000 after purchasing an additional 2,057,951 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in shares of Ultragenyx Pharmaceutical by 614.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,167,729 shares of the biopharmaceutical company’s stock valued at $65,205,000 after buying an additional 1,864,164 shares during the last quarter. Norges Bank acquired a new position in shares of Ultragenyx Pharmaceutical during the fourth quarter worth approximately $29,004,000. Finally, Bank of America Corp DE bought a new position in Ultragenyx Pharmaceutical in the 2nd quarter worth approximately $38,347,000. 97.67% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Ultragenyx Pharmaceutical

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

• Positive Sentiment: FDA approval expands Ultragenyx’s commercial portfolio. GENGLYCOS is the first FDA-approved treatment designed to address the underlying cause of GSDIa, rather than only managing symptoms. The approval gives patients a new treatment option and could create a significant long-term revenue opportunity for Ultragenyx. Reuters article
• Positive Sentiment: GENGLYCOS is the company’s fifth FDA-approved product. Management said the therapy may reduce the substantial burden of care associated with GSDIa. Ultragenyx also received a Priority Review Voucher, an asset that can potentially be used for a future product or sold to another pharmaceutical company. Ultragenyx announcement
• Positive Sentiment: Analysts raised their expectations following the approval. Wells Fargo lifted its price target to $46 from $45 and maintained an Overweight rating, while Cantor Fitzgerald raised its target to $103 from $96 and also maintained an Overweight rating. The revisions reflect expectations for a potentially durable revenue stream from GENGLYCOS and improved confidence in Ultragenyx’s rare-disease pipeline. Yahoo Finance article
• Neutral Sentiment: The accelerated approval is a strong initial validation, but the company will need to execute the commercial launch and satisfy any post-approval confirmatory requirements. Investors may therefore focus next on pricing, patient uptake, reimbursement and manufacturing capacity.

Ultragenyx Pharmaceutical Company Profile

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.