Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target Cut to $34.00 by Analysts at Wedbush

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its target price lowered by Wedbush from $35.00 to $34.00 in a report published on Monday,Benzinga reports. Wedbush currently has a neutral rating on the biopharmaceutical company’s stock.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company reduced their price target on Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, July 10th. Morgan Stanley decreased their target price on Ultragenyx Pharmaceutical from $65.00 to $55.00 and set an “overweight” rating for the company in a research report on Monday. William Blair began coverage on shares of Ultragenyx Pharmaceutical in a report on Wednesday, May 28th. They issued an “outperform” rating and a $65.00 price target on the stock. Guggenheim reiterated a “buy” rating and set a $64.00 price objective on shares of Ultragenyx Pharmaceutical in a report on Friday, June 20th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $83.64.

Ultragenyx Pharmaceutical Stock Performance

Shares of Ultragenyx Pharmaceutical stock opened at $29.23 on Monday. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -4.97 and a beta of 0.26. The stock has a 50 day moving average price of $36.47 and a 200-day moving average price of $38.71. Ultragenyx Pharmaceutical has a one year low of $28.35 and a one year high of $60.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last posted its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.57) EPS for the quarter, missing the consensus estimate of ($1.54) by ($0.03). Ultragenyx Pharmaceutical had a negative return on equity of 186.49% and a negative net margin of 93.04%. The firm had revenue of $139.29 million for the quarter, compared to analysts’ expectations of $145.98 million. During the same period in the previous year, the firm earned ($2.03) earnings per share. The firm’s quarterly revenue was up 28.0% compared to the same quarter last year. Sell-side analysts predict that Ultragenyx Pharmaceutical will post -5.18 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the business’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $37.39, for a total value of $89,922.95. Following the completion of the transaction, the director directly owned 15,344 shares of the company’s stock, valued at approximately $573,712.16. The trade was a 13.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 3,167 shares of company stock valued at $118,824. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ultragenyx Pharmaceutical

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its holdings in Ultragenyx Pharmaceutical by 439.0% in the second quarter. Assenagon Asset Management S.A. now owns 1,163,755 shares of the biopharmaceutical company’s stock worth $42,314,000 after purchasing an additional 947,865 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Ultragenyx Pharmaceutical during the 2nd quarter worth $353,000. Parallel Advisors LLC grew its stake in Ultragenyx Pharmaceutical by 1,061.9% during the 2nd quarter. Parallel Advisors LLC now owns 732 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 669 shares during the last quarter. Bayforest Capital Ltd increased its position in Ultragenyx Pharmaceutical by 192.3% during the 1st quarter. Bayforest Capital Ltd now owns 9,190 shares of the biopharmaceutical company’s stock valued at $333,000 after buying an additional 6,046 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Ultragenyx Pharmaceutical by 14.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 232,360 shares of the biopharmaceutical company’s stock worth $8,414,000 after acquiring an additional 29,984 shares in the last quarter. Hedge funds and other institutional investors own 97.67% of the company’s stock.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc, a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare genetic diseases in North America, Latin America, Japan, Europe, and internationally. Its biologic products include Crysvita (burosumab), an antibody targeting fibroblast growth factor 23 for the treatment of X-linked hypophosphatemia, as well as tumor-induced osteomalacia; Mepsevii, an enzyme replacement therapy for the treatment of children and adults with Mucopolysaccharidosis VII; Dojolvi for treating long-chain fatty acid oxidation disorders; and Evkeeza (evinacumab) for the treatment of homozygous familial hypercholesterolemia.