Ultragenyx Pharmaceutical (NASDAQ:RARE) Lowered to Neutral Rating by JPMorgan Chase & Co.

Key Points

• JPMorgan downgraded Ultragenyx Pharmaceutical from “overweight” to “neutral” and set a $36 price target, implying approximately 35.7% upside from the reported $26.53 share price.
• Analyst sentiment remains broadly positive, with MarketBeat reporting a consensus “Moderate Buy” rating and an average price target of $51.53, despite mixed recent revisions from other brokerages.
• Ultragenyx beat quarterly expectations, reporting a narrower-than-expected loss of $0.90 per share and revenue of $214 million, up 28.5% year over year; however, the company continues to post negative margins and forecasts a full-year loss.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) was downgraded by stock analysts at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a report released on Thursday, Briefing.com reports. They presently have a $36.00 target price on the biopharmaceutical company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 35.70% from the stock's current price.

A number of other brokerages have also recently issued reports on RARE. Wedbush cut their target price on Ultragenyx Pharmaceutical from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, May 6th. HC Wainwright restated a "buy" rating and set a $50.00 price objective on shares of Ultragenyx Pharmaceutical in a report on Monday, August 10th. Guggenheim dropped their price objective on shares of Ultragenyx Pharmaceutical from $43.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, August 4th. Royal Bank Of Canada lifted their price objective on shares of Ultragenyx Pharmaceutical from $35.00 to $40.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Finally, Wells Fargo & Company downgraded shares of Ultragenyx Pharmaceutical from an "overweight" rating to an "equal weight" rating and set a $18.00 target price for the company. in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.53.

Ultragenyx Pharmaceutical Stock Performance

RARE stock opened at $26.53 on Thursday. The stock's 50 day simple moving average is $28.36 and its 200 day simple moving average is $25.08. The company has a market cap of $2.62 billion, a P/E ratio of -4.54 and a beta of 0.31. Ultragenyx Pharmaceutical has a fifty-two week low of $18.29 and a fifty-two week high of $39.89.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating analysts' consensus estimates of ($1.22) by $0.32. The firm had revenue of $214.00 million during the quarter, compared to analysts' expectations of $183.08 million. Ultragenyx Pharmaceutical had a negative return on equity of 1,024.42% and a negative net margin of 81.79%.The company's revenue for the quarter was up 28.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.17) earnings per share. Equities analysts predict that Ultragenyx Pharmaceutical will post -3.97 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Corazon (Corsee) D. Sanders sold 2,000 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $25.05, for a total value of $50,100.00. Following the completion of the transaction, the director directly owned 21,095 shares of the company's stock, valued at $528,429.75. This represents a 8.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Karah Herdman Parschauer sold 1,899 shares of the firm's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $24.62, for a total value of $46,753.38. Following the sale, the executive vice president directly owned 94,462 shares of the company's stock, valued at approximately $2,325,654.44. This represents a 1.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.20% of the stock is owned by insiders.

Institutional Trading of Ultragenyx Pharmaceutical

A number of large investors have recently bought and sold shares of RARE. CANADA LIFE ASSURANCE Co raised its position in shares of Ultragenyx Pharmaceutical by 2.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 26,932 shares of the biopharmaceutical company's stock valued at $817,000 after purchasing an additional 534 shares during the period. Van ECK Associates Corp grew its stake in Ultragenyx Pharmaceutical by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,650 shares of the biopharmaceutical company's stock worth $80,000 after buying an additional 549 shares in the last quarter. Tidal Investments LLC increased its stake in Ultragenyx Pharmaceutical by 4.7% in the second quarter. Tidal Investments LLC now owns 12,591 shares of the biopharmaceutical company's stock valued at $458,000 after acquiring an additional 564 shares during the last quarter. Rafferty Asset Management LLC increased its position in shares of Ultragenyx Pharmaceutical by 0.4% during the 4th quarter. Rafferty Asset Management LLC now owns 157,061 shares of the biopharmaceutical company's stock valued at $3,612,000 after purchasing an additional 577 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Ultragenyx Pharmaceutical by 43.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,489 shares of the biopharmaceutical company's stock worth $57,000 after acquiring an additional 751 shares in the last quarter. 97.67% of the stock is owned by hedge funds and other institutional investors.

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.

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