Ultragenyx Pharmaceutical (NASDAQ:RARE) Rating Lowered to "Equal Weight" at Wells Fargo & Company

Key Points

• Wells Fargo downgraded Ultragenyx Pharmaceutical to “Equal Weight” from “Overweight” and set an $18 price target, implying roughly 32% downside from the reported share price.
• Despite the downgrade, broader analyst sentiment remains positive: Ultragenyx has a “Moderate Buy” consensus rating and an average price target of $51.53, with several firms recently raising their targets.
• The company beat quarterly expectations, reporting an adjusted loss of $0.90 per share versus the estimated $1.22 loss and revenue of $214 million versus the $183.08 million consensus; revenue increased 28.5% year over year.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) was downgraded by analysts at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a report released on Thursday, Briefing.com reports. They presently have a $18.00 price target on the biopharmaceutical company's stock. Wells Fargo & Company's price objective would indicate a potential downside of 32.15% from the stock's current price.

RARE has been the subject of several other research reports. Citigroup increased their price target on Ultragenyx Pharmaceutical from $45.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. Cantor Fitzgerald upped their price objective on shares of Ultragenyx Pharmaceutical from $96.00 to $103.00 and gave the stock an "overweight" rating in a report on Thursday, August 20th. Morgan Stanley increased their target price on shares of Ultragenyx Pharmaceutical from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Friday, August 21st. HC Wainwright reissued a "buy" rating and set a $50.00 target price on shares of Ultragenyx Pharmaceutical in a research note on Monday, August 10th. Finally, Canaccord Genuity Group raised their target price on shares of Ultragenyx Pharmaceutical from $81.00 to $83.00 and gave the company a "buy" rating in a research note on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $51.53.

Ultragenyx Pharmaceutical Trading Up 2.8%

Shares of NASDAQ RARE opened at $26.53 on Thursday. Ultragenyx Pharmaceutical has a 12-month low of $18.29 and a 12-month high of $39.89. The company has a market cap of $2.62 billion, a PE ratio of -4.54 and a beta of 0.31. The stock has a 50 day simple moving average of $28.36 and a 200-day simple moving average of $25.08.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last posted its earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating the consensus estimate of ($1.22) by $0.32. The firm had revenue of $214.00 million for 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 firm's revenue was up 28.5% compared to the same quarter last year. During the same period last year, the firm earned ($1.17) EPS. Sell-side analysts forecast that Ultragenyx Pharmaceutical will post -3.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Corazon (Corsee) D. Sanders sold 2,000 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $25.05, for a total transaction of $50,100.00. Following the completion of the transaction, the director owned 21,095 shares of the company's stock, valued at $528,429.75. This trade represents a 8.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Karah Herdman Parschauer sold 1,899 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $24.62, for a total transaction of $46,753.38. Following the completion of the sale, the executive vice president directly owned 94,462 shares of the company's stock, valued at $2,325,654.44. The trade was 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 currently owned by insiders.

Institutional Trading of Ultragenyx Pharmaceutical

Hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC lifted its stake in Ultragenyx Pharmaceutical by 778.4% during the first quarter. Parallel Advisors LLC now owns 1,625 shares of the biopharmaceutical company's stock valued at $34,000 after purchasing an additional 1,440 shares during the last quarter. Leonteq Securities AG boosted its holdings in Ultragenyx Pharmaceutical by 288.5% during the first quarter. Leonteq Securities AG now owns 1,795 shares of the biopharmaceutical company's stock worth $38,000 after buying an additional 1,333 shares in the last quarter. Versant Capital Management Inc grew its position in Ultragenyx Pharmaceutical by 662.9% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the biopharmaceutical company's stock worth $38,000 after buying an additional 1,001 shares during the last quarter. Danske Bank A S acquired a new position in Ultragenyx Pharmaceutical in the third quarter worth approximately $39,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Ultragenyx Pharmaceutical by 573.0% in the first quarter. EverSource Wealth Advisors LLC now owns 2,167 shares of the biopharmaceutical company's stock valued at $45,000 after buying an additional 1,845 shares in the last quarter. 97.67% of the stock is currently owned by institutional investors.

Ultragenyx Pharmaceutical Company Profile

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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