JPMorgan Chase & Co. Cuts Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target to $102.00

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its target price cut by JPMorgan Chase & Co. from $105.00 to $102.00 in a research note published on Thursday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

A number of other analysts have also issued reports on the stock. Barclays lowered their target price on shares of Ultragenyx Pharmaceutical from $83.00 to $81.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Canaccord Genuity Group restated a “buy” rating and set a $121.00 price objective on shares of Ultragenyx Pharmaceutical in a research report on Tuesday, November 12th. HC Wainwright boosted their price target on shares of Ultragenyx Pharmaceutical from $82.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. TD Cowen lifted their target price on shares of Ultragenyx Pharmaceutical from $61.00 to $73.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Finally, Wedbush increased their price objective on Ultragenyx Pharmaceutical from $43.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ultragenyx Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus price target of $87.46.

Ultragenyx Pharmaceutical Price Performance

NASDAQ:RARE opened at $47.24 on Thursday. The firm’s 50-day moving average price is $53.14 and its 200-day moving average price is $48.44. Ultragenyx Pharmaceutical has a 1-year low of $37.02 and a 1-year high of $60.37. The company has a market capitalization of $4.36 billion, a PE ratio of -7.30 and a beta of 0.58.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last released its quarterly earnings data on Tuesday, November 5th. The biopharmaceutical company reported ($1.40) earnings per share for the quarter, beating the consensus estimate of ($1.45) by $0.05. The firm had revenue of $139.49 million during the quarter, compared to analysts’ expectations of $135.28 million. Ultragenyx Pharmaceutical had a negative net margin of 106.93% and a negative return on equity of 187.12%. The firm’s quarterly revenue was up 42.3% on a year-over-year basis. During the same period in the previous year, the company earned ($2.23) earnings per share. Equities analysts anticipate that Ultragenyx Pharmaceutical will post -6.21 EPS for the current fiscal year.

Insider Activity

In related news, CFO Howard Horn sold 7,465 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $52.76, for a total transaction of $393,853.40. Following the completion of the sale, the chief financial officer now directly owns 92,301 shares of the company’s stock, valued at approximately $4,869,800.76. This represents a 7.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Emil D. Kakkis sold 20,000 shares of Ultragenyx Pharmaceutical stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $55.85, for a total transaction of $1,117,000.00. Following the sale, the chief executive officer now owns 2,223,985 shares in the company, valued at $124,209,562.25. This represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,556 shares of company stock worth $1,515,967 in the last 90 days. 5.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

Several institutional investors and hedge funds have recently bought and sold shares of RARE. Millennium Management LLC raised its stake in shares of Ultragenyx Pharmaceutical by 103.8% in the 2nd quarter. Millennium Management LLC now owns 1,850,734 shares of the biopharmaceutical company’s stock worth $76,065,000 after buying an additional 942,529 shares in the last quarter. Alkeon Capital Management LLC raised its holdings in shares of Ultragenyx Pharmaceutical by 34.3% during the 3rd quarter. Alkeon Capital Management LLC now owns 3,011,716 shares of the biopharmaceutical company’s stock valued at $167,301,000 after purchasing an additional 769,884 shares in the last quarter. Two Sigma Advisers LP raised its stake in shares of Ultragenyx Pharmaceutical by 123.4% in the 3rd quarter. Two Sigma Advisers LP now owns 987,800 shares of the biopharmaceutical company’s stock valued at $54,872,000 after acquiring an additional 545,600 shares in the last quarter. Avoro Capital Advisors LLC raised its holdings in Ultragenyx Pharmaceutical by 137.1% in the 1st quarter. Avoro Capital Advisors LLC now owns 830,000 shares of the biopharmaceutical company’s stock worth $38,753,000 after acquiring an additional 480,000 shares during the period. Finally, Frazier Life Sciences Management L.P. bought a new position in Ultragenyx Pharmaceutical in the 2nd quarter worth approximately $17,468,000. Institutional investors and hedge funds 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.