Ultragenyx Pharmaceutical (NASDAQ:RARE) Shares Gap Up After Analyst Upgrade

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)’s share price gapped up before the market opened on Thursday after Cantor Fitzgerald raised their price target on the stock from $96.00 to $103.00. The stock had previously closed at $26.24, but opened at $28.39. Cantor Fitzgerald currently has an overweight rating on the stock. Ultragenyx Pharmaceutical shares last traded at $26.3440, with a volume of 1,004,988 shares.

Several other equities analysts have also commented on the stock. Wells Fargo & Company lowered their price target on shares of Ultragenyx Pharmaceutical from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, August 5th. Royal Bank Of Canada raised their price target on shares of Ultragenyx Pharmaceutical from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded Ultragenyx Pharmaceutical from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 9th. HC Wainwright reissued a “buy” rating and issued a $50.00 price objective on shares of Ultragenyx Pharmaceutical in a report on Monday, August 10th. Finally, Barclays lowered their target price on Ultragenyx Pharmaceutical from $44.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $58.24.

Insider Activity

In related news, Director Corazon (Corsee) D. Sanders sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $25.05, for a total transaction of $50,100.00. Following the completion of the transaction, the director owned 21,095 shares of the company’s stock, valued at $528,429.75. This trade represents a 8.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 directly owned 105,689 shares of the company’s stock, valued at $2,512,227.53. This represents a 4.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 8,552 shares of company stock worth $207,455 over the last 90 days. 5.20% of the stock is currently owned by company insiders.

Institutional Trading of Ultragenyx Pharmaceutical

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

Ultragenyx Pharmaceutical Trading Down 0.6%

The stock has a 50-day moving average of $28.52 and a two-hundred day moving average of $24.96. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -4.48 and a beta of 0.35.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last posted its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) 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 quarter in the previous year, the company earned ($1.17) EPS. The business’s revenue for the quarter was up 28.5% compared to the same quarter last year. Sell-side analysts expect that Ultragenyx Pharmaceutical Inc. will post -4.12 EPS for the current fiscal year.

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.