Ultragenyx Pharmaceutical (NASDAQ:RARE) Shares Down 6% – Here’s Why

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) shares dropped 6% during mid-day trading on Monday. The company traded as low as $14.45 and last traded at $14.3060. 411,154 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 2,768,348 shares. The stock had previously closed at $15.22.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. HC Wainwright cut 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. Jefferies Financial Group decreased their price objective on Ultragenyx Pharmaceutical from $77.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, September 3rd. The Goldman Sachs Group lowered their target price on shares of Ultragenyx Pharmaceutical from $28.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, September 4th. Wells Fargo & Company lowered shares of Ultragenyx Pharmaceutical from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $50.00 to $18.00 in a report on Thursday, September 3rd. Finally, Wall Street Zen raised shares of Ultragenyx Pharmaceutical from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $34.58.

Ultragenyx Pharmaceutical Stock Down 0.3%

The stock has a market capitalization of $1.43 billion, a P/E ratio of -2.48 and a beta of 0.35. The company has a 50 day moving average of $20.48 and a 200-day moving average of $23.85.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last posted its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.32. The business had revenue of $214.00 million during the quarter, compared to the consensus estimate of $183.08 million. During the same quarter in the previous year, the business posted ($1.17) earnings per share. The company’s quarterly revenue was up 28.5% compared to the same quarter last year. Equities analysts forecast that Ultragenyx Pharmaceutical Inc. will post -3.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Ultragenyx Pharmaceutical

Institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its stake in Ultragenyx Pharmaceutical by 662.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the biopharmaceutical company’s stock worth $38,000 after buying an additional 1,001 shares during the last quarter. Quantbot Technologies LP acquired a new position in Ultragenyx Pharmaceutical during the 2nd quarter valued at about $48,000. Harbor Investment Advisory LLC bought a new position in Ultragenyx Pharmaceutical in the 2nd quarter worth about $52,000. Parallel Advisors LLC grew its position in Ultragenyx Pharmaceutical by 778.4% in the 1st quarter. Parallel Advisors LLC now owns 1,625 shares of the biopharmaceutical company’s stock worth $34,000 after purchasing an additional 1,440 shares during the last quarter. Finally, Leonteq Securities AG increased its stake in shares of Ultragenyx Pharmaceutical by 288.5% in the first quarter. Leonteq Securities AG now owns 1,795 shares of the biopharmaceutical company’s stock valued at $38,000 after purchasing an additional 1,333 shares during the period. 97.67% of the stock is owned by institutional investors.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare and ultra-rare genetic diseases. The company targets conditions with limited or no treatment options, including metabolic disorders, skeletal diseases and other inherited conditions. Its work includes the development of medicines, biologic therapies and gene therapy candidates intended to address the underlying causes or significant symptoms of these disorders.

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