Canaccord Genuity Group Has Lowered Expectations for Ultragenyx Pharmaceutical (NASDAQ:RARE) Stock Price

Key Points

• Canaccord Genuity Group has lowered its price target for Ultragenyx Pharmaceutical from $136 to $128, suggesting potential upside of 364.78% from the current price.
• Ultragenyx Pharmaceutical stock is currently trading at $27.54, with a market cap of $2.60 billion and a negative return on equity of 214.21%.
• Despite the price target reductions from several analysts, the stock maintains an average rating of "Moderate Buy" with a consensus price target of $81.50.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) had its price target cut by equities researchers at Canaccord Genuity Group from $136.00 to $128.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's price objective points to a potential upside of 364.78% from the company's current price.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company dropped their price objective on Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday, July 10th. William Blair began coverage on shares of Ultragenyx Pharmaceutical in a research note on Wednesday, May 28th. They issued an "outperform" rating and a $65.00 price objective for the company. Guggenheim reaffirmed a "buy" rating and issued a $64.00 price objective on shares of Ultragenyx Pharmaceutical in a research note on Friday, June 20th. Morgan Stanley lowered their price objective on shares of Ultragenyx Pharmaceutical from $65.00 to $55.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Finally, HC Wainwright raised shares of Ultragenyx Pharmaceutical to a "buy" rating and set a $80.00 price objective for the company in a research note on Monday, July 28th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Ultragenyx Pharmaceutical presently has a consensus rating of "Moderate Buy" and an average target price of $81.50.

Ultragenyx Pharmaceutical Price Performance

Shares of Ultragenyx Pharmaceutical stock traded down $0.29 on Friday, reaching $27.54. The company had a trading volume of 1,527,932 shares, compared to its average volume of 1,292,901. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -4.98 and a beta of 0.25. The firm's 50-day moving average price is $33.45 and its two-hundred day moving average price is $36.87. Ultragenyx Pharmaceutical has a 1 year low of $25.81 and a 1 year high of $60.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($1.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.27) by $0.10. Ultragenyx Pharmaceutical had a negative return on equity of 214.21% and a negative net margin of 87.34%. The company had revenue of $166.50 million during the quarter, compared to analysts' expectations of $161.37 million. During the same quarter in the previous year, the business earned ($1.52) EPS. Ultragenyx Pharmaceutical's revenue was up 13.2% compared to the same quarter last year. As a group, analysts anticipate that Ultragenyx Pharmaceutical will post -5.18 EPS for the current year.

Insider Buying and Selling at Ultragenyx Pharmaceutical

In other Ultragenyx Pharmaceutical news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the firm's stock in a transaction dated 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 sale, the director owned 15,344 shares of the company's stock, valued at approximately $573,712.16. This trade represents a 13.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

Several institutional investors have recently added to or reduced their stakes in RARE. Creative Planning acquired a new stake in shares of Ultragenyx Pharmaceutical during the second quarter worth about $454,000. Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Ultragenyx Pharmaceutical by 7.6% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 34,592 shares of the biopharmaceutical company's stock worth $1,258,000 after purchasing an additional 2,458 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Ultragenyx Pharmaceutical by 4.0% during the second quarter. Geode Capital Management LLC now owns 1,712,931 shares of the biopharmaceutical company's stock worth $62,291,000 after purchasing an additional 66,394 shares during the period. S&CO Inc. lifted its holdings in shares of Ultragenyx Pharmaceutical by 24.7% during the second quarter. S&CO Inc. now owns 25,255 shares of the biopharmaceutical company's stock worth $918,000 after purchasing an additional 5,000 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Ultragenyx Pharmaceutical during the second quarter worth about $309,000. Institutional investors and hedge funds own 97.67% of the company's stock.

Ultragenyx Pharmaceutical Company Profile

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.

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