Bank of New York Mellon Corp Cuts Holdings in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)

Bank of New York Mellon Corp decreased its holdings in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Free Report) by 5.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 696,161 shares of the biopharmaceutical company's stock after selling 42,812 shares during the period. Bank of New York Mellon Corp owned approximately 0.74% of Ultragenyx Pharmaceutical worth $25,208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Raymond James Financial Inc. bought a new stake in Ultragenyx Pharmaceutical during the 4th quarter worth $916,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Ultragenyx Pharmaceutical by 28.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,874 shares of the biopharmaceutical company's stock valued at $962,000 after purchasing an additional 5,104 shares during the period. Swiss National Bank raised its stake in Ultragenyx Pharmaceutical by 2.5% during the 4th quarter. Swiss National Bank now owns 163,152 shares of the biopharmaceutical company's stock worth $6,864,000 after buying an additional 4,000 shares during the period. Xponance Inc. raised its stake in Ultragenyx Pharmaceutical by 8.3% during the 4th quarter. Xponance Inc. now owns 12,205 shares of the biopharmaceutical company's stock worth $513,000 after buying an additional 940 shares during the period. Finally, Privium Fund Management B.V. increased its holdings in Ultragenyx Pharmaceutical by 6.5% during the 4th quarter. Privium Fund Management B.V. now owns 258,380 shares of the biopharmaceutical company's stock worth $10,870,000 after purchasing an additional 15,868 shares in the last quarter. Institutional investors own 97.67% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on RARE shares. Morgan Stanley reduced their price objective on Ultragenyx Pharmaceutical from $65.00 to $55.00 and set an "overweight" rating for the company in a report on Monday. William Blair initiated coverage on Ultragenyx Pharmaceutical in a research report on Wednesday, May 28th. They set an "outperform" rating and a $65.00 price target on the stock. Wells Fargo & Company reduced their price objective on Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday, July 10th. JPMorgan Chase & Co. boosted their target price on Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the company an "overweight" rating in a research note on Thursday, March 27th. Finally, Wedbush cut their price objective on Ultragenyx Pharmaceutical from $35.00 to $34.00 and set a "neutral" rating on the stock in a research report on Monday. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $83.64.

Insiders Place Their Bets

In related 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 sale, the director directly owned 15,344 shares of the company's stock, valued at $573,712.16. This represents a 13.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 3,167 shares of company stock valued at $118,824. Corporate insiders own 5.50% of the company's stock.

Ultragenyx Pharmaceutical Trading Up 0.4%

Ultragenyx Pharmaceutical stock traded up $0.10 during mid-day trading on Thursday, hitting $27.41. The stock had a trading volume of 2,147,403 shares, compared to its average volume of 963,114. The firm has a market capitalization of $2.59 billion, a P/E ratio of -4.66 and a beta of 0.26. The firm's 50 day moving average is $35.83 and its 200 day moving average is $38.36. Ultragenyx Pharmaceutical Inc. has a one year low of $26.85 and a one year high of $60.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.57) EPS for the quarter, missing analysts' consensus estimates of ($1.54) by ($0.03). Ultragenyx Pharmaceutical had a negative net margin of 93.04% and a negative return on equity of 186.49%. The business had revenue of $139.29 million during the quarter, compared to the consensus estimate of $145.98 million. During the same period in the previous year, the business posted ($2.03) EPS. The firm's revenue was up 28.0% on a year-over-year basis. As a group, equities research analysts forecast that Ultragenyx Pharmaceutical Inc. will post -5.18 earnings per share for the current year.

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.