Short Interest in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) Rises By 20.5%

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Get Free Report) was the recipient of a significant growth in short interest in April. As of April 15th, there was short interest totalling 5,460,000 shares, a growth of 20.5% from the March 31st total of 4,530,000 shares. Based on an average trading volume of 824,100 shares, the days-to-cover ratio is presently 6.6 days. Approximately 6.3% of the shares of the company are sold short.

Ultragenyx Pharmaceutical Price Performance

RARE stock traded down $2.01 during midday trading on Wednesday, reaching $33.05. The company had a trading volume of 241,146 shares, compared to its average volume of 812,010. The firm has a 50-day moving average price of $37.32 and a 200-day moving average price of $42.79. The company has a market capitalization of $3.10 billion, a P/E ratio of -5.18 and a beta of 0.34. Ultragenyx Pharmaceutical has a 1 year low of $29.59 and a 1 year high of $60.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The biopharmaceutical company reported ($1.57) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.54) by ($0.03). Ultragenyx Pharmaceutical had a negative return on equity of 193.80% and a negative net margin of 101.60%. The firm had revenue of $139.29 million during the quarter, compared to analysts' expectations of $145.98 million. During the same quarter in the previous year, the company posted ($2.03) earnings per share. Ultragenyx Pharmaceutical's revenue for the quarter was up 28.0% compared to the same quarter last year. On average, equities analysts predict that Ultragenyx Pharmaceutical will post -5.18 EPS for the current year.

Insiders Place Their Bets

In other Ultragenyx Pharmaceutical news, EVP Karah Herdman Parschauer sold 2,990 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $42.88, for a total transaction of $128,211.20. Following the completion of the sale, the executive vice president now directly owns 54,991 shares in the company, valued at $2,358,014.08. This trade represents a 5.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Thomas Richard Kassberg sold 6,028 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $42.10, for a total value of $253,778.80. Following the transaction, the executive vice president now owns 265,238 shares in the company, valued at $11,166,519.80. The trade was a 2.22 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,405 shares of company stock valued at $5,285,169. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Ultragenyx Pharmaceutical in the fourth quarter worth about $40,463,000. Vestal Point Capital LP raised its stake in Ultragenyx Pharmaceutical by 100.0% during the 4th quarter. Vestal Point Capital LP now owns 1,500,000 shares of the biopharmaceutical company's stock worth $63,105,000 after acquiring an additional 750,000 shares during the period. Deep Track Capital LP bought a new position in shares of Ultragenyx Pharmaceutical in the fourth quarter worth about $27,493,000. Pictet Asset Management Holding SA grew its holdings in Ultragenyx Pharmaceutical by 125.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,173,638 shares of the biopharmaceutical company's stock valued at $49,375,000 after buying an additional 653,088 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Ultragenyx Pharmaceutical by 81.0% in the fourth quarter. Point72 Asset Management L.P. now owns 1,182,877 shares of the biopharmaceutical company's stock worth $49,764,000 after buying an additional 529,217 shares in the last quarter. 97.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $118.00 price objective on shares of Ultragenyx Pharmaceutical in a research report on Wednesday, February 26th. Piper Sandler dropped their price objective on shares of Ultragenyx Pharmaceutical from $140.00 to $115.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Canaccord Genuity Group boosted their target price on shares of Ultragenyx Pharmaceutical from $121.00 to $136.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. Wedbush reiterated a "neutral" rating and issued a $48.00 price target (up from $46.00) on shares of Ultragenyx Pharmaceutical in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. lifted their price target on Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the company an "overweight" rating in a research note on Thursday, March 27th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Ultragenyx Pharmaceutical currently has an average rating of "Moderate Buy" and a consensus target price of $92.79.

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.