Canaccord Genuity Group Lowers Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target to $109.00

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its target price lowered by equities research analysts at Canaccord Genuity Group from $111.00 to $109.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 159.77% from the company’s previous close.

Several other brokerages have also weighed in on RARE. TD Cowen upped their price objective on Ultragenyx Pharmaceutical from $59.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $107.00 price objective on shares of Ultragenyx Pharmaceutical in a report on Friday, May 3rd. Robert W. Baird upped their price objective on Ultragenyx Pharmaceutical from $57.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, January 30th. Wedbush cut their price objective on Ultragenyx Pharmaceutical from $48.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. upped their target price on Ultragenyx Pharmaceutical from $88.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, March 18th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $87.85.

Ultragenyx Pharmaceutical Stock Performance

NASDAQ:RARE opened at $41.96 on Monday. Ultragenyx Pharmaceutical has a 1 year low of $31.52 and a 1 year high of $54.98. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -5.23 and a beta of 0.68. The business has a fifty day moving average of $46.87 and a 200-day moving average of $44.35.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last released its quarterly earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($2.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.72) by ($0.31). The business had revenue of $108.83 million during the quarter, compared to the consensus estimate of $116.03 million. Ultragenyx Pharmaceutical had a negative return on equity of 421.88% and a negative net margin of 138.58%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($2.33) EPS. On average, equities research analysts predict that Ultragenyx Pharmaceutical will post -6.38 EPS for the current year.

Insider Activity at Ultragenyx Pharmaceutical

In related news, EVP Thomas Richard Kassberg sold 11,509 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $49.93, for a total transaction of $574,644.37. Following the transaction, the executive vice president now directly owns 252,823 shares of the company’s stock, valued at $12,623,452.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Thomas Richard Kassberg sold 11,509 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $49.93, for a total transaction of $574,644.37. Following the transaction, the executive vice president now directly owns 252,823 shares of the company’s stock, valued at $12,623,452.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew K. Fust sold 12,195 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $50.88, for a total value of $620,481.60. Following the completion of the transaction, the director now directly owns 14,860 shares in the company, valued at $756,076.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,116 shares of company stock valued at $1,645,983. Company insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. UMB Bank n.a. increased its position in Ultragenyx Pharmaceutical by 118.8% in the 4th quarter. UMB Bank n.a. now owns 606 shares of the biopharmaceutical company’s stock worth $29,000 after purchasing an additional 329 shares during the last quarter. Van ECK Associates Corp increased its position in Ultragenyx Pharmaceutical by 34.0% in the 4th quarter. Van ECK Associates Corp now owns 1,578 shares of the biopharmaceutical company’s stock worth $75,000 after purchasing an additional 400 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Ultragenyx Pharmaceutical by 2.2% during the 3rd quarter. Arizona State Retirement System now owns 20,163 shares of the biopharmaceutical company’s stock valued at $719,000 after acquiring an additional 441 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Ultragenyx Pharmaceutical by 38.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,979 shares of the biopharmaceutical company’s stock valued at $95,000 after acquiring an additional 548 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Ultragenyx Pharmaceutical by 392.1% during the 3rd quarter. Covestor Ltd now owns 748 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 596 shares during the last quarter. 97.67% of the stock is owned by institutional investors and hedge funds.

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.