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 target price decreased by stock analysts at Canaccord Genuity Group from $136.00 to $128.00 in a report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. Canaccord Genuity Group's price target indicates a potential upside of 350.31% from the company's current price.

Several other equities research analysts have also weighed in on the stock. Wedbush lowered their target price on shares of Ultragenyx Pharmaceutical from $35.00 to $34.00 and set a "neutral" rating on the stock in a report on Monday, July 14th. Cantor Fitzgerald decreased their price objective on shares of Ultragenyx Pharmaceutical from $112.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, August 6th. Guggenheim reissued a "buy" rating and set a $64.00 price objective on shares of Ultragenyx Pharmaceutical in a report on Friday, June 20th. HC Wainwright raised shares of Ultragenyx Pharmaceutical to a "buy" rating and set a $80.00 price objective on the stock in a report on Monday, July 28th. Finally, Wells Fargo & Company decreased their price objective on shares of Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, July 10th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $81.50.

Ultragenyx Pharmaceutical Stock Performance

Shares of RARE stock traded up $0.32 during mid-day trading on Friday, reaching $28.43. The company's stock had a trading volume of 305,687 shares, compared to its average volume of 1,287,724. Ultragenyx Pharmaceutical has a 1-year low of $25.81 and a 1-year high of $60.37. The company has a market cap of $2.74 billion, a P/E ratio of -5.13 and a beta of 0.25. The firm's 50-day moving average is $32.98 and its two-hundred day moving average is $36.50.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last announced 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 net margin of 87.34% and a negative return on equity of 237.48%. 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 prior year, the company posted ($1.52) EPS. The business's revenue was up 13.2% on a year-over-year basis. Sell-side analysts anticipate that Ultragenyx Pharmaceutical will post -5.18 EPS for the current year.

Insider Activity at Ultragenyx Pharmaceutical

In other news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $37.39, for a total value of $89,922.95. Following the completion of the transaction, the director owned 15,344 shares of the company's stock, valued at approximately $573,712.16. This represents a 13.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.50% of the company's stock.

Institutional Trading of Ultragenyx Pharmaceutical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Ultragenyx Pharmaceutical during the 2nd quarter worth approximately $35,765,000. Adage Capital Partners GP L.L.C. grew its position in shares of Ultragenyx Pharmaceutical by 81.6% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 2,149,000 shares of the biopharmaceutical company's stock worth $77,815,000 after buying an additional 965,919 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Ultragenyx Pharmaceutical by 439.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,163,755 shares of the biopharmaceutical company's stock worth $42,314,000 after buying an additional 947,865 shares during the period. Vestal Point Capital LP grew its position in shares of Ultragenyx Pharmaceutical by 100.0% during the 4th quarter. Vestal Point Capital LP now owns 1,500,000 shares of the biopharmaceutical company's stock worth $63,105,000 after buying an additional 750,000 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Ultragenyx Pharmaceutical by 28.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,218,942 shares of the biopharmaceutical company's stock worth $116,559,000 after buying an additional 706,519 shares during the period. 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.