683 Capital Management LLC Boosts Stock Position in Ultragenyx Pharmaceutical Inc. $RARE

Key Points

• 683 Capital Management LLC more than doubled its Ultragenyx Pharmaceutical stake in Q4, boosting holdings by 109.8% to 222,395 shares worth about $5.1 million.
• Ultragenyx shares were up 8.3% to $26.91, even as the company reported a weaker-than-expected quarterly loss and lower-than-expected revenue in its latest earnings release.
• Wall Street remains broadly constructive: analysts now have a Moderate Buy consensus rating on RARE, with a consensus price target of $59.56, despite some recent target cuts and insider selling.

683 Capital Management LLC grew its stake in shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Free Report) by 109.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 222,395 shares of the biopharmaceutical company's stock after buying an additional 116,395 shares during the period. 683 Capital Management LLC owned 0.23% of Ultragenyx Pharmaceutical worth $5,115,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Guggenheim Capital LLC lifted its position in shares of Ultragenyx Pharmaceutical by 4.4% during the 4th quarter. Guggenheim Capital LLC now owns 49,137 shares of the biopharmaceutical company's stock valued at $1,130,000 after buying an additional 2,061 shares in the last quarter. PDT Partners LLC raised its stake in Ultragenyx Pharmaceutical by 12.8% during the 4th quarter. PDT Partners LLC now owns 176,813 shares of the biopharmaceutical company's stock valued at $4,067,000 after purchasing an additional 20,120 shares during the period. AQR Capital Management LLC raised its stake in Ultragenyx Pharmaceutical by 82.3% during the 4th quarter. AQR Capital Management LLC now owns 1,360,497 shares of the biopharmaceutical company's stock valued at $31,291,000 after purchasing an additional 614,315 shares during the period. Trexquant Investment LP increased its stake in Ultragenyx Pharmaceutical by 6.2% in the 4th quarter. Trexquant Investment LP now owns 165,017 shares of the biopharmaceutical company's stock worth $3,795,000 after acquiring an additional 9,629 shares during the last quarter. Finally, Jump Financial LLC increased its stake in Ultragenyx Pharmaceutical by 101.7% in the 4th quarter. Jump Financial LLC now owns 115,928 shares of the biopharmaceutical company's stock worth $2,666,000 after acquiring an additional 58,460 shares during the last quarter. 97.67% of the stock is owned by hedge funds and other institutional investors.

Ultragenyx Pharmaceutical Trading Up 8.3%

RARE opened at $26.91 on Thursday. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of -4.40 and a beta of 0.37. Ultragenyx Pharmaceutical Inc. has a 12 month low of $18.29 and a 12 month high of $42.37. The stock has a fifty day moving average price of $24.17 and a 200-day moving average price of $24.91.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.84) EPS for the quarter, missing the consensus estimate of ($1.49) by ($0.35). Ultragenyx Pharmaceutical had a negative return on equity of 1,024.42% and a negative net margin of 91.03%.The company had revenue of $136.00 million during the quarter, compared to the consensus estimate of $158.19 million. During the same period in the previous year, the firm posted ($1.57) earnings per share. The company's revenue was down 2.2% on a year-over-year basis. On average, equities research analysts forecast that Ultragenyx Pharmaceutical Inc. will post -4.53 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on Ultragenyx Pharmaceutical from $45.00 to $47.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Barclays dropped their target price on Ultragenyx Pharmaceutical from $44.00 to $43.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Weiss Ratings upgraded Ultragenyx Pharmaceutical from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, May 8th. JPMorgan Chase & Co. dropped their target price on Ultragenyx Pharmaceutical from $120.00 to $74.00 and set an "overweight" rating for the company in a report on Thursday, March 12th. Finally, Guggenheim dropped their target price on Ultragenyx Pharmaceutical from $52.00 to $43.00 and set a "buy" rating for the company in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $59.56.

Insiders Place Their Bets

In related news, Director Shehnaaz Suliman sold 5,740 shares of the company's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.12, for a total transaction of $144,188.80. Following the transaction, the director directly owned 27,951 shares of the company's stock, valued at $702,129.12. This represents a 17.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Corazon (Corsee) D. Sanders sold 2,000 shares of the stock in a transaction dated Monday, June 15th. The shares were 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 in the company, valued at $528,429.75. This represents a 8.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 24,002 shares of company stock valued at $575,039. 5.20% of the stock is currently owned by corporate insiders.

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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