Ultragenyx Pharmaceutical (NASDAQ:RARE) Shares Down 6% - Here's Why

Key Points

• Ultragenyx shares fell 6% to about $14.31 in low-volume trading, extending the stock’s decline below its 50-day and 200-day moving averages.
• Analyst sentiment has weakened, with several firms downgrading the stock or cutting price targets. The consensus rating is now “Hold,” although the average target of $34.58 remains well above the current price.
• The company’s latest quarterly results exceeded expectations, reporting a narrower-than-expected loss of $0.90 per share and revenue of $214 million, up 28.5% year over year.

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Get Free Report)'s share price fell 6% on Monday. The company traded as low as $14.45 and last traded at $14.3060. Approximately 411,154 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 2,768,348 shares. The stock had previously closed at $15.22.

Wall Street Analyst Weigh In

RARE has been the subject of several research analyst reports. Morgan Stanley increased their price objective on shares of Ultragenyx Pharmaceutical from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Friday, September 18th. Robert W. Baird downgraded shares of Ultragenyx Pharmaceutical from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $40.00 to $16.00 in a research report on Thursday, September 3rd. Bank of America downgraded Ultragenyx Pharmaceutical from a "buy" rating to a "neutral" rating in a research note on Thursday, September 3rd. Citigroup lifted their target price on shares of Ultragenyx Pharmaceutical from $31.00 to $32.00 and gave the company a "buy" rating in a report on Friday, September 18th. Finally, JPMorgan Chase & Co. cut Ultragenyx Pharmaceutical from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $80.00 to $36.00 in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Ultragenyx Pharmaceutical presently has an average rating of "Hold" and a consensus target price of $34.58.

Ultragenyx Pharmaceutical Price Performance

The stock's fifty day moving average price is $20.96 and its 200-day moving average price is $23.94. The firm has a market cap of $1.44 billion, a PE ratio of -2.50 and a beta of 0.35.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping analysts' consensus estimates of ($1.22) by $0.32. The business had revenue of $214.00 million for the quarter, compared to analyst estimates of $183.08 million. The business's revenue 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, sell-side analysts anticipate that Ultragenyx Pharmaceutical Inc. will post -3.96 earnings per share for the current fiscal year.

Institutional Trading of Ultragenyx Pharmaceutical

Large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc raised its holdings in shares of Ultragenyx Pharmaceutical by 662.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the biopharmaceutical company's stock worth $38,000 after acquiring an additional 1,001 shares during the period. Quantbot Technologies LP acquired a new position in Ultragenyx Pharmaceutical in the 2nd quarter valued at about $48,000. Harbor Investment Advisory LLC purchased a new stake in shares of Ultragenyx Pharmaceutical in the 2nd quarter valued at approximately $52,000. Parallel Advisors LLC increased its holdings in shares of Ultragenyx Pharmaceutical by 778.4% during the 1st quarter. Parallel Advisors LLC now owns 1,625 shares of the biopharmaceutical company's stock worth $34,000 after buying an additional 1,440 shares during the last quarter. Finally, Leonteq Securities AG lifted its holdings in Ultragenyx Pharmaceutical by 288.5% in the first quarter. Leonteq Securities AG now owns 1,795 shares of the biopharmaceutical company's stock valued at $38,000 after acquiring an additional 1,333 shares during the last quarter. 97.67% of the stock is currently owned by hedge funds and other institutional investors.

Ultragenyx Pharmaceutical Company 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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