Ultragenyx Pharmaceutical Inc. $RARE Stock Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Ultragenyx Pharmaceutical stake by 295.4% in the third quarter, reaching 477,869 shares worth approximately $7.18 million. Institutional investors collectively own 97.67% of the company.
• Analyst sentiment is mixed, with the stock carrying a consensus rating of “Hold” and an average price target of $33.65. Recent targets range from $16 to $23, while RARE recently traded near $16.02 after falling substantially from its 52-week high of $39.89.
• Ultragenyx exceeded quarterly expectations, reporting a loss of $0.90 per share versus the estimated $1.22 loss and revenue of $214 million, up 28.5% year over year. Analysts expect a full-year loss of approximately $3.97 per share.

Assenagon Asset Management S.A. boosted its holdings in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Free Report) by 295.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 477,869 shares of the biopharmaceutical company's stock after purchasing an additional 357,005 shares during the period. Assenagon Asset Management S.A. owned about 0.48% of Ultragenyx Pharmaceutical worth $7,182,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Ultragenyx Pharmaceutical during the 2nd quarter worth approximately $355,746,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Ultragenyx Pharmaceutical in the second quarter valued at approximately $6,397,000. Deutsche Bank AG purchased a new position in Ultragenyx Pharmaceutical in the second quarter valued at approximately $5,503,000. Corient Private Wealth LP purchased a new position in Ultragenyx Pharmaceutical in the second quarter valued at approximately $4,644,000. Finally, Blue Owl Capital Holdings LP bought a new position in Ultragenyx Pharmaceutical during the second quarter valued at $6,098,000. Institutional investors own 97.67% of the company's stock.

Analyst Upgrades and Downgrades

RARE has been the subject of a number of recent research reports. UBS Group started coverage on Ultragenyx Pharmaceutical in a research report on Thursday, October 15th. They issued a "neutral" rating and a $16.00 target price for the company. TD Cowen lowered their target price on Ultragenyx Pharmaceutical from $49.00 to $18.00 and set a "buy" rating on the stock in a research note on Thursday, September 3rd. Morgan Stanley upped their price target on Ultragenyx Pharmaceutical from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Friday, September 18th. Evercore cut Ultragenyx Pharmaceutical from an "outperform" rating to an "in-line" rating and set a $16.00 price target on the stock. in a research report on Thursday, September 3rd. Finally, Wedbush cut their price target on Ultragenyx Pharmaceutical from $30.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $33.65.

Insiders Place Their Bets

In other news, CFO Howard Horn sold 7,066 shares of the company's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $15.27, for a total transaction of $107,897.82. Following the sale, the chief financial officer directly owned 89,229 shares in the company, valued at $1,362,526.83. This represents a 7.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 8,510 shares of company stock worth $127,561. 5.20% of the stock is owned by insiders.

Ultragenyx Pharmaceutical Price Performance

NASDAQ:RARE opened at $16.02 on Wednesday. The company has a market cap of $1.58 billion, a P/E ratio of -2.74 and a beta of 0.35. The stock's fifty day moving average price is $18.37 and its two-hundred day moving average price is $23.51. Ultragenyx Pharmaceutical Inc. has a 1 year low of $12.73 and a 1 year high of $39.89.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) earnings per share (EPS) 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. The business's revenue for the quarter was up 28.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.17) earnings per share. On average, analysts expect that Ultragenyx Pharmaceutical Inc. will post -3.97 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 diseases. The company targets conditions with limited or no treatment options, including metabolic disorders, skeletal diseases and other inherited conditions. Its work includes the development of medicines, biologic therapies and gene therapy candidates intended to address the underlying causes or significant symptoms of these disorders.

Ultragenyx's commercial portfolio includes Crysvita (burosumab), a treatment for X-linked hypophosphatemia and related disorders; Dojolvi (triheptanoin), a medical food used to manage long-chain fatty acid oxidation disorders; and Mepsevii (vestronidase alfa), an enzyme replacement therapy for mucopolysaccharidosis VII.

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