Bank of America Cuts Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target to $58.00

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its price target reduced by Bank of America from $72.00 to $58.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Several other research analysts also recently weighed in on the company. Wells Fargo & Company reduced their target price on Ultragenyx Pharmaceutical from $65.00 to $45.00 and set an “overweight” rating for the company in a research note on Tuesday, December 30th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Ultragenyx Pharmaceutical in a research report on Tuesday, September 9th. Truist Financial decreased their price objective on shares of Ultragenyx Pharmaceutical from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Jefferies Financial Group cut their target price on shares of Ultragenyx Pharmaceutical from $114.00 to $63.00 and set a “buy” rating for the company in a research note on Tuesday, December 30th. Finally, TD Cowen reduced their price target on shares of Ultragenyx Pharmaceutical from $86.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Sixteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $74.18.

Ultragenyx Pharmaceutical Stock Up 2.6%

RARE stock opened at $23.60 on Friday. Ultragenyx Pharmaceutical has a 52-week low of $18.41 and a 52-week high of $46.50. The firm has a market cap of $2.28 billion, a P/E ratio of -3.97 and a beta of 0.15. The company’s 50-day simple moving average is $32.82 and its 200-day simple moving average is $31.71.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last announced its quarterly earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.23) by ($0.58). The business had revenue of $159.93 million during the quarter, compared to analysts’ expectations of $167.42 million. Ultragenyx Pharmaceutical had a negative net margin of 91.95% and a negative return on equity of 414.17%. Ultragenyx Pharmaceutical’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.40) EPS. On average, analysts anticipate that Ultragenyx Pharmaceutical will post -5.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Ultragenyx Pharmaceutical

In other news, CFO Howard Horn sold 7,942 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $31.51, for a total value of $250,252.42. Following the completion of the sale, the chief financial officer directly owned 98,227 shares in the company, valued at $3,095,132.77. This represents a 7.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 11,108 shares of company stock worth $365,262. Insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ultragenyx Pharmaceutical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RARE. Hudson Bay Capital Management LP increased its stake in shares of Ultragenyx Pharmaceutical by 2.4% in the 3rd quarter. Hudson Bay Capital Management LP now owns 265,000 shares of the biopharmaceutical company’s stock worth $7,971,000 after acquiring an additional 6,319 shares during the last quarter. Danske Bank A S acquired a new stake in Ultragenyx Pharmaceutical during the third quarter worth about $39,000. Jacobs Levy Equity Management Inc. raised its stake in 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. CANADA LIFE ASSURANCE Co raised its stake in Ultragenyx Pharmaceutical by 2.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 26,932 shares of the biopharmaceutical company’s stock worth $817,000 after purchasing an additional 534 shares during the period. Finally, Voloridge Investment Management LLC acquired a new position in Ultragenyx Pharmaceutical in the 3rd quarter valued at about $14,516,000. Institutional investors and hedge funds own 97.67% of the company’s stock.

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.