Morgan Stanley Has Lowered Expectations for Ultragenyx Pharmaceutical (NASDAQ:RARE) Stock Price

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) had its price target reduced by investment analysts at Morgan Stanley from $65.00 to $55.00 in a report released on Monday,Benzinga reports. The firm currently has an "overweight" rating on the biopharmaceutical company's stock. Morgan Stanley's target price suggests a potential upside of 88.16% from the stock's previous close.

Several other analysts have also recently issued reports on RARE. Guggenheim restated a "buy" rating and set a $64.00 price objective on shares of Ultragenyx Pharmaceutical in a report on Friday, June 20th. JPMorgan Chase & Co. increased their price objective on shares of Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the company an "overweight" rating in a research report on Thursday, March 27th. William Blair began coverage on Ultragenyx Pharmaceutical in a research note on Wednesday, May 28th. They issued an "outperform" rating and a $65.00 price target on the stock. Wells Fargo & Company decreased their price objective on shares of Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday. Finally, Piper Sandler lowered their price target on Ultragenyx Pharmaceutical from $140.00 to $115.00 and set an "overweight" rating for the company in a report on Monday, March 17th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $83.64.

Ultragenyx Pharmaceutical Stock Down 0.9%

Shares of Ultragenyx Pharmaceutical stock traded down $0.28 during trading on Monday, hitting $29.23. 4,194,934 shares of the company were exchanged, compared to its average volume of 1,114,420. Ultragenyx Pharmaceutical has a fifty-two week low of $28.35 and a fifty-two week high of $60.37. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of -4.97 and a beta of 0.26. The firm has a 50 day moving average price of $36.47 and a 200 day moving average price of $38.71.

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

Insider Buying and Selling at Ultragenyx Pharmaceutical

In related news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $37.39, for a total transaction of $89,922.95. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 3,167 shares of company stock valued at $118,824 in the last ninety days. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

Large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. boosted its position in shares of Ultragenyx Pharmaceutical by 439.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,163,755 shares of the biopharmaceutical company's stock valued at $42,314,000 after purchasing an additional 947,865 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Ultragenyx Pharmaceutical in the second quarter worth $353,000. Parallel Advisors LLC raised its position in Ultragenyx Pharmaceutical by 1,061.9% during the second quarter. Parallel Advisors LLC now owns 732 shares of the biopharmaceutical company's stock valued at $27,000 after buying an additional 669 shares during the period. Bayforest Capital Ltd raised its position in Ultragenyx Pharmaceutical by 192.3% during the first quarter. Bayforest Capital Ltd now owns 9,190 shares of the biopharmaceutical company's stock valued at $333,000 after buying an additional 6,046 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Ultragenyx Pharmaceutical by 14.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 232,360 shares of the biopharmaceutical company's stock worth $8,414,000 after acquiring an additional 29,984 shares in the last quarter. 97.67% of the stock is owned by institutional investors.

Ultragenyx Pharmaceutical Company Profile

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.