Royal Bank Of Canada Forecasts Strong Price Appreciation for Ultragenyx Pharmaceutical (NASDAQ:RARE) Stock

Key Points

• Royal Bank of Canada raised its price target on Ultragenyx Pharmaceutical to $40 from $35 and reiterated an outperform rating, implying about 11% upside from the current price.
• The stock was up 6.7% on Tuesday to $35.97, moving near its 1-year high of $42.37 amid above-average analyst optimism, with MarketBeat showing a consensus Moderate Buy rating and $58.41 average target.
• Recent company results were mixed: Ultragenyx reported a wider-than-expected quarterly loss and lower-than-expected revenue, while insiders have also been selling shares and institutional investors remain heavily invested, owning 97.67% of the stock.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) had its price objective lifted by equities research analysts at Royal Bank Of Canada from $35.00 to $40.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the biopharmaceutical company's stock. Royal Bank Of Canada's price target would indicate a potential upside of 11.22% from the stock's current price.

RARE has been the topic of a number of other reports. Morgan Stanley lifted their price target on shares of Ultragenyx Pharmaceutical from $50.00 to $67.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Weiss Ratings lowered Ultragenyx Pharmaceutical from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, June 24th. The Goldman Sachs Group cut Ultragenyx Pharmaceutical from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $61.00 to $25.00 in a report on Tuesday, March 24th. Wells Fargo & Company boosted their target price on Ultragenyx Pharmaceutical from $45.00 to $47.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Finally, Guggenheim dropped their price target on Ultragenyx Pharmaceutical from $52.00 to $43.00 and set a "buy" rating for the company in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $58.41.

Ultragenyx Pharmaceutical Stock Up 6.7%

NASDAQ RARE traded up $2.27 during trading hours on Tuesday, reaching $35.97. The company's stock had a trading volume of 1,737,389 shares, compared to its average volume of 2,273,831. Ultragenyx Pharmaceutical has a 1 year low of $18.29 and a 1 year high of $42.37. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -5.87 and a beta of 0.31. The firm's 50-day moving average price is $25.87 and its 200-day moving average price is $24.46.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The biopharmaceutical company reported ($1.84) earnings per share (EPS) 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 company had revenue of $136.00 million for the quarter, compared to analysts' expectations of $158.19 million. During the same period last year, the business earned ($1.57) earnings per share. The company's quarterly revenue was down 2.2% compared to the same quarter last year. Equities research analysts anticipate that Ultragenyx Pharmaceutical will post -4.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Howard Horn sold 4,683 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $24.90, for a total transaction of $116,606.70. Following the sale, the chief financial officer owned 110,342 shares in the company, valued at approximately $2,747,515.80. This represents a 4.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Corazon (Corsee) D. Sanders sold 2,000 shares of Ultragenyx Pharmaceutical stock in a transaction on Monday, June 15th. The stock was sold at an average price of $25.05, for a total transaction of $50,100.00. Following the transaction, the director directly owned 21,095 shares of the company's stock, valued at $528,429.75. The trade was a 8.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 19,319 shares of company stock worth $476,837. 5.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Ultragenyx Pharmaceutical by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 10,263,815 shares of the biopharmaceutical company's stock worth $236,068,000 after acquiring an additional 131,087 shares during the last quarter. State Street Corp lifted its position in shares of Ultragenyx Pharmaceutical by 16.5% during the fourth quarter. State Street Corp now owns 4,303,046 shares of the biopharmaceutical company's stock worth $98,970,000 after purchasing an additional 610,559 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Ultragenyx Pharmaceutical by 26.6% during the fourth quarter. Wellington Management Group LLP now owns 2,461,910 shares of the biopharmaceutical company's stock valued at $56,624,000 after purchasing an additional 516,781 shares during the period. Assenagon Asset Management S.A. boosted its position in Ultragenyx Pharmaceutical by 1,030.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,257,671 shares of the biopharmaceutical company's stock valued at $47,298,000 after buying an additional 2,057,951 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Ultragenyx Pharmaceutical by 614.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,167,729 shares of the biopharmaceutical company's stock valued at $65,205,000 after purchasing an additional 1,864,164 shares during the period. Institutional investors own 97.67% of the company's stock.

About Ultragenyx Pharmaceutical

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.