State of New Jersey Common Pension Fund D Sells 42,451 Shares of Ultragenyx Pharmaceutical Inc. $RARE

Key Points

• Institutional selling: State of New Jersey Common Pension Fund D cut its Ultragenyx Pharmaceutical stake by 58.9% in the fourth quarter, selling 42,451 shares and leaving it with 29,604 shares valued at about $681,000.
• Mixed analyst sentiment: Wall Street still leans positive overall, with Ultragenyx carrying a Moderate Buy rating and an average price target of $60.41, though several firms have recently trimmed their targets and Goldman Sachs downgraded the stock to neutral.
• Weak recent results and insider selling: The company reported a wider-than-expected quarterly loss of $1.84 per share on revenue of $136 million, below estimates, while insiders sold 111,522 shares worth about $2.54 million over the last 90 days.

State of New Jersey Common Pension Fund D decreased its position in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Free Report) by 58.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,604 shares of the biopharmaceutical company's stock after selling 42,451 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Ultragenyx Pharmaceutical were worth $681,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RARE. Covestor Ltd grew its holdings in Ultragenyx Pharmaceutical by 26.0% in the 3rd quarter. Covestor Ltd now owns 1,787 shares of the biopharmaceutical company's stock valued at $54,000 after buying an additional 369 shares in the last quarter. Huntington National Bank boosted its position in shares of Ultragenyx Pharmaceutical by 56.2% in the third quarter. Huntington National Bank now owns 1,092 shares of the biopharmaceutical company's stock valued at $33,000 after acquiring an additional 393 shares during the period. Xponance Inc. grew its stake in shares of Ultragenyx Pharmaceutical by 3.1% in the third quarter. Xponance Inc. now owns 13,494 shares of the biopharmaceutical company's stock valued at $406,000 after acquiring an additional 406 shares in the last quarter. Amalgamated Bank grew its stake in shares of Ultragenyx Pharmaceutical by 6.9% in the third quarter. Amalgamated Bank now owns 7,226 shares of the biopharmaceutical company's stock valued at $217,000 after acquiring an additional 469 shares in the last quarter. Finally, Arizona State Retirement System increased its position in Ultragenyx Pharmaceutical by 2.2% during the third quarter. Arizona State Retirement System now owns 25,176 shares of the biopharmaceutical company's stock worth $757,000 after acquiring an additional 533 shares during the period. 97.67% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

RARE has been the subject of several analyst reports. Canaccord Genuity Group dropped their price objective on shares of Ultragenyx Pharmaceutical from $128.00 to $79.00 and set a "buy" rating for the company in a research note on Wednesday, February 18th. HC Wainwright decreased their target price on shares of Ultragenyx Pharmaceutical from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, February 17th. Wells Fargo & Company lifted their price target on shares of Ultragenyx Pharmaceutical from $45.00 to $47.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. The Goldman Sachs Group downgraded Ultragenyx Pharmaceutical from a "buy" rating to a "neutral" rating and cut their target price for the company from $61.00 to $25.00 in a research report on Tuesday, March 24th. Finally, Wedbush decreased their price target on Ultragenyx Pharmaceutical from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ultragenyx Pharmaceutical presently has an average rating of "Moderate Buy" and an average target price of $60.41.

Insiders Place Their Bets

In other news, CEO Emil D. Kakkis sold 54,404 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $22.80, for a total value of $1,240,411.20. Following the completion of the transaction, the chief executive officer owned 658,994 shares of the company's stock, valued at approximately $15,025,063.20. This represents a 7.63% 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. Also, CAO Theodore Alan Huizenga sold 1,632 shares of Ultragenyx Pharmaceutical stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $22.80, for a total transaction of $37,209.60. Following the sale, the chief accounting officer directly owned 48,670 shares in the company, valued at $1,109,676. This trade represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,522 shares of company stock valued at $2,543,214 over the last ninety days. 5.20% of the stock is owned by insiders.

Ultragenyx Pharmaceutical Price Performance

Shares of RARE opened at $26.30 on Tuesday. The firm has a 50 day simple moving average of $22.81 and a two-hundred day simple moving average of $26.68. Ultragenyx Pharmaceutical Inc. has a one year low of $18.29 and a one year high of $42.37. The company has a market cap of $2.59 billion, a P/E ratio of -4.30 and a beta of 0.39.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last issued its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.84) earnings per share for the quarter, missing analysts' consensus estimates of ($1.49) by ($0.35). Ultragenyx Pharmaceutical had a negative net margin of 91.03% and a negative return on equity of 1,024.42%. The business had revenue of $136.00 million during the quarter, compared to analyst estimates of $158.19 million. During the same period in the prior year, the business posted ($1.57) EPS. The company's revenue for the quarter was down 2.2% compared to the same quarter last year. On average, analysts expect that Ultragenyx Pharmaceutical Inc. will post -4.61 earnings per share for the current fiscal year.

Ultragenyx Pharmaceutical 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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