Bank of America Corp DE Has $21.93 Million Stock Position in Ultragenyx Pharmaceutical Inc. $RARE

Key Points

• Bank of America reduced its Ultragenyx Pharmaceutical stake by 13.8% in the first quarter, selling 167,382 shares and retaining 1.05 million shares valued at approximately $21.9 million. Institutional investors collectively own 97.67% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $57.82, although recent targets ranged from $26 to $96.
• Ultragenyx reported better-than-expected quarterly results, losing $0.90 per share versus the $1.22 consensus estimate and generating $214 million in revenue, up 28.5% year over year. The stock opened at $25.49, down 2.4%.

Bank of America Corp DE reduced its stake in shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Free Report) by 13.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,046,546 shares of the biopharmaceutical company's stock after selling 167,382 shares during the quarter. Bank of America Corp DE owned 1.06% of Ultragenyx Pharmaceutical worth $21,925,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of RARE. Vanguard Group Inc. raised its holdings in Ultragenyx Pharmaceutical by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 10,263,815 shares of the biopharmaceutical company's stock valued at $236,068,000 after acquiring an additional 131,087 shares in the last quarter. State Street Corp increased its position in shares of Ultragenyx Pharmaceutical by 16.5% during the fourth quarter. State Street Corp now owns 4,303,046 shares of the biopharmaceutical company's stock valued at $98,970,000 after purchasing an additional 610,559 shares during the period. Wellington Management Group LLP raised its stake in shares of Ultragenyx Pharmaceutical by 26.6% in the fourth quarter. Wellington Management Group LLP now owns 2,461,910 shares of the biopharmaceutical company's stock valued at $56,624,000 after purchasing an additional 516,781 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Ultragenyx Pharmaceutical by 1,030.4% in the first quarter. Assenagon Asset Management S.A. now owns 2,257,671 shares of the biopharmaceutical company's stock valued at $47,298,000 after purchasing an additional 2,057,951 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Ultragenyx Pharmaceutical by 614.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,167,729 shares of the biopharmaceutical company's stock worth $65,205,000 after purchasing an additional 1,864,164 shares during the period. 97.67% of the stock is owned by institutional investors.

Insider Buying and Selling at Ultragenyx Pharmaceutical

In other Ultragenyx Pharmaceutical news, CFO Howard Horn sold 4,653 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $23.77, for a total transaction of $110,601.81. Following the completion of the sale, the chief financial officer owned 105,689 shares in the company, valued at approximately $2,512,227.53. The trade was a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Karah Herdman Parschauer sold 1,899 shares of the 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 completion of the transaction, the executive vice president directly owned 94,462 shares in the company, valued at approximately $2,325,654.44. This trade represents a 1.97% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 8,552 shares of company stock worth $207,455. Insiders own 5.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on RARE shares. Wedbush lowered their target price on shares of Ultragenyx Pharmaceutical from $27.00 to $26.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 6th. Cantor Fitzgerald raised their price target on shares of Ultragenyx Pharmaceutical from $84.00 to $96.00 and gave the stock an "overweight" rating in a research note on Thursday, May 21st. Weiss Ratings upgraded shares of Ultragenyx Pharmaceutical from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, July 9th. Wall Street Zen raised Ultragenyx Pharmaceutical from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Wells Fargo & Company lowered their price objective on Ultragenyx Pharmaceutical from $47.00 to $45.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $57.82.

Ultragenyx Pharmaceutical Trading Down 2.4%

Shares of RARE stock opened at $25.49 on Wednesday. Ultragenyx Pharmaceutical Inc. has a 1 year low of $18.29 and a 1 year high of $39.89. The firm's 50 day moving average is $28.46 and its 200-day moving average is $24.95. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -4.36 and a beta of 0.35.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, beating analysts' consensus estimates of ($1.22) by $0.32. Ultragenyx Pharmaceutical had a negative net margin of 81.79% and a negative return on equity of 1,024.42%. The business had revenue of $214.00 million during the quarter, compared to analyst estimates of $183.08 million. During the same quarter last year, the business posted ($1.17) earnings per share. Ultragenyx Pharmaceutical's revenue for the quarter was up 28.5% compared to the same quarter last year. On average, equities research analysts forecast that Ultragenyx Pharmaceutical Inc. will post -4.08 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding RARE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source