Bank of America Corp DE Invests $38.35 Million in Ultragenyx Pharmaceutical Inc. $RARE

Key Points

• Bank of America acquired 1.15 million Ultragenyx shares worth approximately $38.35 million, giving it a 1.16% stake in the biopharmaceutical company.
• Institutional ownership is substantial, with hedge funds and other institutions holding 97.67% of RARE; BlackRock and other investors also established or expanded positions.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $34.58, while RARE shares recently opened at $14.65. Ultragenyx’s latest quarterly revenue rose 28.5% year over year and its loss per share was narrower than expected.

Bank of America Corp DE bought a new position in shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,148,454 shares of the biopharmaceutical company's stock, valued at approximately $38,347,000. Bank of America Corp DE owned about 1.16% of Ultragenyx Pharmaceutical as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of RARE. BlackRock Inc. purchased a new stake in shares of Ultragenyx Pharmaceutical in the second quarter worth about $355,746,000. Assenagon Asset Management S.A. grew its holdings in Ultragenyx Pharmaceutical by 1,030.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,257,671 shares of the biopharmaceutical company's stock valued at $47,298,000 after buying an additional 2,057,951 shares in the last quarter. GW&K Investment Management LLC grew its holdings in Ultragenyx Pharmaceutical by 19.6% during the 4th quarter. GW&K Investment Management LLC now owns 1,375,407 shares of the biopharmaceutical company's stock valued at $31,634,000 after buying an additional 225,238 shares in the last quarter. Eagle Health Investments LP bought a new stake in Ultragenyx Pharmaceutical in the 2nd quarter worth approximately $29,521,000. Finally, Norges Bank purchased a new position in shares of Ultragenyx Pharmaceutical in the fourth quarter valued at $29,004,000. 97.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on RARE. Cantor Fitzgerald boosted their price objective on Ultragenyx Pharmaceutical from $33.00 to $39.00 and gave the stock an "overweight" rating in a research note on Friday. JPMorgan Chase & Co. lowered shares of Ultragenyx Pharmaceutical from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $80.00 to $36.00 in a research note on Thursday, September 3rd. Jefferies Financial Group cut their price objective on shares of Ultragenyx Pharmaceutical from $77.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday, September 3rd. The Goldman Sachs Group reduced their target price on shares of Ultragenyx Pharmaceutical from $28.00 to $19.00 and set a "neutral" rating on the stock in a research note on Friday, September 4th. Finally, HC Wainwright decreased their price target on Ultragenyx Pharmaceutical from $50.00 to $25.00 and set a "buy" rating for the company in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $34.58.

Ultragenyx Pharmaceutical Stock Performance

Shares of RARE opened at $14.65 on Tuesday. The stock has a market capitalization of $1.44 billion, a PE ratio of -2.51 and a beta of 0.31. Ultragenyx Pharmaceutical Inc. has a fifty-two week low of $12.73 and a fifty-two week high of $39.89. The company has a 50 day moving average price of $23.51 and a 200-day moving average price of $24.38.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $214.00 million for the quarter, compared to the consensus estimate 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 for the quarter was up 28.5% compared to the same quarter last year. During the same quarter last year, the company earned ($1.17) earnings per share. Equities research analysts forecast that Ultragenyx Pharmaceutical Inc. will post -3.98 EPS for the current year.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare and ultra-rare diseases. The company's work includes therapies for genetic, metabolic and skeletal disorders, with an emphasis on conditions that have limited or no effective treatment options.

Ultragenyx's marketed products include Crysvita (burosumab), used to treat certain forms of X-linked hypophosphatemia and tumor-induced osteomalacia; Dojolvi (triheptanoin), a medical food for long-chain fatty acid oxidation disorders; and Evkeeza (evinacumab), a treatment for homozygous familial hypercholesterolemia.

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